26 June 2014
ComOps Limited (“ComOps”) is pleased to advise shareholders and the market that it has signed a non‐binding term sheet to acquire a complimentary asset management software business. The business provides asset management solutions to improve asset performance and optimise maintenance investment, focusing on asset-intensive industries, with customers in Australia and overseas. The business has revenues of greater than $4 million in the current year and will be earnings positive to ComOps, post‐acquisition. Consideration will be in cash and shares, paid partly on settlement and partly on the future achievement of performance milestones. In addition, a secured loan may be provided to the business prior to completion. Due Diligence is now underway and is expected to be completed within sixty days, whereupon acquisition agreements would be signed and shareholder approval sought in late August 2014, if required.
This potential acquisition reinforces the steps already taken and advised to shareholders at the recent Annual General Meeting to reposition ComOps and develop ComOps into a market leading Workforce, Workplace, and Workflow Management Solutions company.