Toronto, Ontario--(Newsfile Corp. - April 25, 2022) - VITALHUB CORP. (TSX: VHI) (the "Company" or "VitalHub") is pleased to announce today that it has acquired (the "Acquisition") Hicom Technology Limited. ("Hicom"), a company incorporated and registered in England and Wales.
VitalHub has acquired Hicom, via a share acquisition by its wholly-owned subsidiary, VitalHub UK Limited, for a purchase price of 8,700,000. The purchase price paid at closing was composed of a cash payment of 7,825,000 and the issuance of 475,104 shares of VitalHub to the shareholders of Hicom (the "Share Consideration"). The Share Consideration was calculated at a price of $3.016 per VitalHub share and represents total value to the vendors of 875,000. Fifty percent (50%) of the Share Consideration shall be subject to contractual trading restrictions for a period of six (6) months. In addition, the Sellers could receive future contingent payments of up to 1,550,000 based on Hicom achieving certain post-closing milestones.
For the 12-month period ending March 31, 2022, Hicom has estimated revenue of approximately 5.35M, of which Hicom has identified 4.2M to be recurring in nature with Adjusted EBITDA of approximately 1.05M. Adjusted EBITDA, a non-IFRS measure, is defined as earnings before interest, taxation, depreciation, amortization, share based compensation, business acquisition, restructuring and integration costs.
Dan Matlow, VitalHub CEO, commented on the Acquisition stating, "We are extremely...
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