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Harvest Technology Group (ASX:HTG) - - The Market Herald
Source: Harvest Technology Group
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  • Harvest Technology Group (HTG) is set to acquire Silicon Valley-based software-as-a-service company, SnapSupport
  • As per the acquisition terms, Harvest will issue SnapSupport an aggregate of $2.59 million worth of shares in two tranches
  • Following completion of the deal, SnapSupport leadership, operation and technical personnel will be integrated into Harvest
  • This will pave the way for the company to expand its access into the US and other international growth markets
  • Harvest Technology Group closed down 1.61 per cent at 30.5 cents 

Harvest Technology Group (HTG) is set to acquire Silicon Valley-based software-as-a-service company, SnapSupport.

The acquisition was executed using a formal stock purchase agreement (SPA), with the parties now working to satisfy the last remaining conditions under the deal.

Following completion of the deal, SnapSupport leadership, operation and technical personnel will be integrated into Harvest. This will pave the way for the company to continue its strategic objective of accelerating a SaaS-based business model and expanding access into the US and other international growth markets.

As per the acquisition terms, Harvest will issue an aggregate of $2.59 million worth of shares in two tranches. The first will be $1,298,701 worth of shares issued to shareholders of SnapSupport and the second half will be issued 12 months after the date of completion.    

Harvest Managing Director Paul Guilfoyle said: “Completing this acquisition of SnapSupport in the coming days, in combination with our recent capital raise, will place Harvest in a very strong position to continue our strategic plan roll-out.

“In particular, SnapSupport’s mobile app and platform is proven, fit-for-purpose and can be married to our own technology and products quickly and efficiently, which will support the transfer from Phase 1 to Phase 2 of our global growth plan.”

Harvest says it is well funded to continue its three phase strategic plan, which is navigating at pace to grow the business internationally following a recent $7.6 million equity raising.

Harvest Technology Group closed down 1.61 per cent at 30.5 cents.

HTG by the numbers
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