Toronto (pcJ News Briefs) – AnalytixInsight Inc. (TSX-V: ALY) has completed its previously announced acquisition of certain assets of Euclides Technologies, Inc. relating to Euclides’ field service management integration business.
AnalytixInsight has paid US $200,000 in cash and has issued 5,389,400 common shares of AnaltyixInsight as consideration for the assets of Euclides. Euclides has also achieved the revenue milestone terms as set out in the purchase agreement with Euclides’ 2016 revenues and order backlog exceeding US $4 million. Accordingly, AnalytixInsight has issued to Euclides 3,311,125 common share purchase warrants with each warrant exercisable for one common share at a price of $0.20 per share until March 16, 2020.
Euclides is an expert Systems Integrator and consulting partner for field service management solutions and has touch points to over 100,000 field service personnel. Euclides is headquartered in Cambridge, MA.
AnalytixInsight also announced the termination of the previously announced potential investment by AnalytixInsight into Fixify Ltd. The Fixify shareholders have instead agreed to work cooperatively with AnalytixInsight, Euclides and Euclides’ strategic partners to develop products and analytics software solutions which best serve the needs of Euclides’ customers and strategic partners.
Pursuant to the termination, AnalytixInsight will not be required to pay US $1.0 million to acquire a 20% interest in Fixify and no break fees will be paid by either party.
“We are very pleased to complete this acquisition and begin our work together with the Euclides team to develop workflow analytics solutions. This transaction is financially accretive to our shareholders and we believe our combined teams will create compelling new revenue streams within this evolving industry,” commented Prakash Hariharan, President & CEO of AnalytixInsight.
“We are excited to join the AnalytixInsight team and our customers have shown strong support for this transaction. We look forward to building analytics solutions for our clients and expanding our capabilities,” added Adi Hod, CEO of Euclides.
In connection with the Euclides transaction, AnalytixInsight has granted a total of 1,225,000 stock options to various consultants and employees pursuant to its stock option plan. The options may be exercised at a price of $0.24 per option for a period of five years from the date of grant. The grant of options remains subject to the approval of the TSX Venture Exchange.
photo credit: AnalytixInsight