- Bigtincan (BTH) pens a deal to acquire Switzerland-based tech company Vidinoti SA for roughly $770,000 in cash and shares
- The Swiss acquisition specialises in augmented and virtual reality systems and is pegged to advance Bigtincan's leadership in the sector
- Meanwhile, BTH has also completed its integration of sales engagement platform ClearSlide
- The company has achieved its $53 million annual recurring revenue target ahead of schedule
- Bigtincan shares are up 11.3 per cent to $1.14 at 12:26 pm AEST
Bigtincan (BTH) has penned a definitive agreement to acquire Switzerland-based tech company Vidinoti SA for roughly $770,000.
Located in Fribourg, Vidinoti specialises in augmented and virtual reality (AR and VR) systems and manages in excess of 50 projects across a diverse range of industries.
Importantly, the Swiss acquisition holds patents in several core technology areas, which Bigtincan hopes will advance its own leadership in the sector, following the buyout.
Headquartered in Massachusetts, the sales enablement automation company has entered into a binding share purchase agreement with Vidinoti, with the above consideration comprising equal parts cash and equity.
The share component will see Bingtincan issue fully paid ordinary shares in the company to Vidinoti's executive shareholders, subject to voluntary escrow restrictions and forfeiture in certain circumstances.
Shares issued will be equal in value to 275,000 Swiss francs (around A$397,000) at a price equivalent to the 30-day volume-weighted average price as at two days prior to closing.
"We have been collaborating with the Vidinoti team for some time and I am delighted that we could now bring our companies together to accelerate development in this exciting space for enterprise use cases," Bigtincan's CEO and co-founder David Keane said.
Integration progress and trading update
Meanwhile, the company has also completed the integration of sales engagement platform ClearSlide into Bigtincan.
The company said the successful integration of the people, finance, technology and customer components had contributed to its achievement of a $53 million annual recurring revenue (ARR) target ahead of schedule.
"This result demonstrates the ongoing progress of the Bigtincan business and arises from a combination of new orders in the USA, Europe and Asia Pacific, together with the expansion from existing customers," Mr Keane said.
The $53 million ARR figure, driven by new deals and expansion with existing customers, represents a 48 per cent increase on the $35.8 million achieved at the end of June last year.
Bigtincan shares were trading 11.3 per cent higher at $1.14 each at 12:26 pm AEST.