Blackpearl tech firm moves to buy US company B2B Rocket
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NZx
NZX-listed tech company Blackpearl Group has made a further leap into artificial intelligence, with plans to buy a US firm.
It signed a conditional agreement to fully acquire B2B Rocket - an AI sales automation company for an initial US$4 million in cash and more than 1.7 million Blackpearl shares.
There was scope for further performance-based cash and share payments worth more than US$8m over five years, taking the total potential value of the deal to just over US$13m or almost NZ$22m based on Friday's closing share price for Blackpearl of $1.13.
The deal would be subject to certain conditions, including converting certain share interests in B2B Rocket and having Blackpearl shares quoted on the Australian stock exchange (ASX).
Blackpearl chief executive Nick Lissette said B2B Rocket blended well with their other products that focused on finding new customers for small and medium firms, particularly in the US.
"What was really interesting is that I try and start most days of the week speaking with a potential customer - I get up and jump on one of our rep demo calls or a customer success call," Lissette said.
"And B2B Rocket was a company that came to my attention through the demands of our customers," he said. "People said, 'Oh, do you integrate with B2B Rocket, or how does this fit in with B2B Rocket? And I was like, oh, OK."
B2B Rocket had approximately US$2.1m in annual recurring revenue according to Blackpearl's market announcement.
Blackpearl expected the deal to be completed in August.
The company was considering a full range of funding options for the acquisition, including a mix of cash, debt and share initiatives.
It was preparing to file an application for a foreign exempt listing on the ASX, but planned to keep its primary listing on the NZX.
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