VerifyMe Scoops Assets Of Logistics Management Company PeriShip To Gain New Entry Point In Pharma Market

VerifyMe Inc VRME acquired the assets of PeriShip, LLC in a transaction worth $10.5 million.
The consideration consisted of $7.5 million cash, $1.0 million in VerifyMe shares, and a $2.0 million promissory note.
PeriShip is a value-added service provider of shipping and logistics management for the perishable healthcare and food industries.
PeriShip was founded in 2001 and headquartered in Branford, Connecticut, with approximately 45 employees.
VerifyMe offers authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products.
VerifyMe CEO Patrick White said, "We believe it will provide a new entry point in the pharmaceutical market with authentication, serialization, and track and trace, to assist clients in meeting the 2023 Drug Supply Chain Security Act requirements."
VerifyMe held $9.4 million in cash and equivalents as of December 31, 2021.
Price Action: VRME shares traded higher by 7.52% at $3.43 in the premarket on the last check Monday.