- Quantify Technology (QFY) has completed the acquisition of GSM Innovations (GSM-I) and the coinciding $4 million capital raise
- On October 1, Quantify signed a binding term sheet to acquire 100 per cent of GSM-I from its owner, Gerard Private
- A condition of the acquisition was a $4 million capital raising with the funds to be used for development costs, acquisition costs, and general working capital
- Now that the acquisition and capital raise are complete, Gerard Private holds a 40 per cent stake in Quantify.
- Additionally, Gerard Private’s CEO Simon Gerard and General Manager Jordan Tentori have been appointed Directors of Quantify
- Quantify has dropped 20 per cent and shares are trading at 2 cents
Quantify Technology (QFY) has completed the acquisition of GSM Innovations (GSM-I) and the coinciding $4 million capital raise.
On October 1, Quantify signed a binding term sheet to acquire 100 per cent of GSM-I from its owner, Gerard Private.
Quantify stated that the acquisition was set to cost $4.8 million and will pay for it through shares and performance rights.
A condition of the acquisition was a $4 million capital raising with the funds to be used for development costs, acquisition costs, and general working capital.
Now that the acquisition and capital raise are complete, Gerard Private holds a 40 per cent stake in Quantify.
Additionally, Gerard Private’s CEO Simon Gerard and General Manager Jordan Tentori have been appointed Directors of Quantify.
“We are excited to have the funding and partners in place to help the devices reach their full potential. This capital raise will help us to accelerate growth across all our channels,” CEO Brett Savill said.
“I am also delighted to welcome Simon Gerard and Jordan Tentori to the board, along with the new employees. The acquisition of GSM-I is a real case of one plus one making three,” he added.
Quantify has dropped 20 per cent and shares are trading at 2 cents at 1:28 pm AEDT.