VitalHub Acquires Hicom Technology For £8.7M

VitalHub Corp VHI VHIBF has acquired Hicom Technology Limited, a company incorporated and registered in England and Wales.
Hicom was acquired via a share acquisition by Vitalhub's subsidiary, VitalHub UK Limited, for £8.7 million.
The purchase was composed of a cash payment of £7.825 million and the issuance of 475,104 shares of VitalHub to the shareholders of Hicom, priced at $3.016 per VitalHub share.
For the 12 months ending March 31, 2022, Hicom has estimated revenue of ~£5.35M, of which Hicom has identified £4.2M to be recurring in nature with Adjusted EBITDA of ~£1.05M.
Dan Matlow, the VitalHub CEO, commented, "With this acquisition, Hicom brings the expansion of VitalHub's existing customer base with the addition of 200 customers on an international basis and introduces six new solutions with potential for cross-selling into our existing base."
Price Action: VHI shares are trading higher by 1.02% at C$2.98 on TSX on the last check Monday.