appScatter agrees to revised terms of Priori acquisition

AIM-quoted business-to-business software firm appScatter has agreed to revised terms for its acquisition of German mobile app intelligence provider Priori Data.

After appScatter and Priori's previous acquisition agreement lapsed on 18 June, the pair went to work on a revised sale and purchase agreement.

As a result, appScatter will now acquire 100% of Priori for a total consideration of £13.5m, of which approximately £1.8m will be immediately paid in cash and £11.7m will be satisfied by the issue of 16.66 new ordinary shares in the company at an effective issue price of 70p each.

Completion of the acquisition has been set to take place sometime after appScatter's annual general meeting on Friday.

Separately, appScatter announced that had completed a further conditional fundraising by way of a subscription. Raising approximately £1.6m to put towards satisfying the cash portion of the acquisition.

Phillip Marcella, chief executive of appScatter, said, "I am delighted to have reached revised terms for the acquisition by appScatter of Priori. I strongly believe that the combination of the appScatter platform and the data held by Priori will significantly advance the Company's development and positioning. We are already collaborating with Priori on several new high profile clients - with growing interest in the abilities of the enlarged group from key potential enterprise customers."

As of 1040 BST, appScatter shares had picked up 1.53% to 62.95p.