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Solid State acquires image capture group Active Silicon
StockMarketWire.com
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Computing and power products manufacturer Solid State said it had acquired digital image capture solutions group Active Silicon.
The initial acquisition sum was £6.3 million, which resulted in a net consideration of about £2.7 million when accounting for the cash on Active Silicon's balance sheet.
There also was a 25-month earn-out period, with an earn-out consideration paid in two tranches based on the level of pre-tax profit generated in the periods ending 31 March 2022 and 31 March 2023, respectively.
In aggregate, the earn out consideration was expected to be less than £1 million.
'Solid State's acquisition strategy targets complementary technologies with exposure to structural growth markets,' chief executive Gary Marsh said.
'The acquisition of Active Silicon achieves both of these objectives while additionally broadening the capacity for the enlarged group to increase its range of own brand products and value added services.'
Story provided by StockMarketWire.com
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