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Hyve Group PLC said on Friday it acquired New York-based fintech events organiser, Fintech Meetup LLC, for an initial consideration of $5 million.
Shares in the London-based events organiser were up 8.7% at 62.50 pence on Friday morning in London.
Two subsequent considerations of up to $50 million are payable in 2024 and 2025 based on Fintech Meetup's performance.
The initial consideration and follow-up earn-out payments are expected to be funded from cash reserves and debt facilities. Hyve expects the acquisition to be earnings enhancing in the first full year of ownership.
In 2021, Fintech Meetup's first year, the company generated revenue of $1.3 million and a loss before interest, tax, depreciation and amortisation of $3.8 million. Hyve expects Fintech Meetup's revenue to more than double and the company to be Ebitda positive in 2022.
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