Veris (ASX:VRS) acquired spatial and geographic information system services provider Spatial Vision Innovations, according to a Thursday filing with the Australian bourse.
The firm executed a share sale agreement to acquire 100% of Spatial Vision Innovations. It will pay the vendors of Spatial Vision a mix of cash and scrip consideration of up to AU$3 million on an enterprise and debt-free basis.
The initial consideration to be paid at settlement will include AU$1.5 million in cash, subject to customary net cash/debt and working capital adjustments, and AU$500,000 worth of shares.
The transaction also includes two AU$500,000 milestone payments upon reaching hurdles in the fiscal years 2026-2027.
Completion of the deal, subject to customary conditions precedent, is expected by March.
The firm's shares jumped 5% in recent trading on Thursday.
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