- Damstra (DTC) completes the acquisition of software-as-a-service (SaaS) business, TIKS Solutions
- The company says the $18 million buy is a “natural fit” as TIKS aligns with DTC’s offering and is set to expand its business in Australia and internationally
- Damstra has paid $2.5 million in cash and $12 million worth of shares priced at $1 each
- The remaining $3.5 million payment is deferred
- Company shares end the day 1.12 per cent up to trade at 90 cents
Damstra (DTC) has completed the acquisition of software-as-a-service (SaaS) business TIKS Solutions.
At the end of last month the companies entered a share sale agreement for Damstra to acquire 100 per cent of the shares in TIKS for $18 million.
Based in Sydney, TIKS has been operating in the workforce management industry since 2011 with around 70 clients who are predominantly in the rail, mining, facilities management and construction sectors.
It provides onsite safety, security and compliance capabilities for staff, contractors and visitors while also adding functionality in areas such as permit-to-work and mobile applications. Its integrated solutions mitigate risk and enhance productivity.
Damstra said the acquisition was a “natural fit” that will expand its business domestically and internationally, and enhance its leadership business in workforce management in Australia.
Damstra CEO Christian Damstra said he was pleased with the acquisition.
“The business is already cash flow positive with potential for operational and co-location synergies and will bolster our product development capability,” he said.
As part of the agreement, TIKS CEO and founder Sam Marciano will join Damstra’s executive team.
Damstra paid TIKS $2.5 million in cash and $12 million worth of shares priced at $1 each. The remaining $3.5 million will be a deferred payment.
Company shares ended the day 1.12 per cent to trade at 90 cents.