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In this edition of Insider we look at how our…
A provider of document management software and systems has been acquired by listed business Grafenia in a deal worth up to £2.5m.
Watermark Technologies was founded in 2003 by Tim Boggie and Stewart Spink, both of whom will remain on a part time consultancy basis for six months. Watermark currently has 11 employees.
The total consideration of up to £2.5m will be satisfied in cash.
An initial £1.5m to be paid on completion, together with deferred consideration of £1m to be paid on the first anniversary of completion.
James Hughes, a corporate development associate within Grafenia’s Software Circle team, has been appointed managing director of Watermark.
Gavin Cockerill, acting chief executive of Grafenia, said: “The acquisition of Watermark is yet another step toward growing our software nucleus. Maximising what Grafenia is good at, selling and supporting software systems that help businesses run better.”
Tim Boggie and Stewart Spink, joint founders of Watermark, added: “We had been planning for retirement and actively seeking a new owner for the business we have built and cherished over 20 years.
“We believe Grafenia is the perfect home to provide continuity of support and maintain long term customer relationships developed over many years. We look forward to seeing Watermark thrive in a larger group.”
Allenby Capital is Grafenia’s nominated adviser and broker.
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Grafenia / Watermark Technologies /
Laurence Kilgannon, Digital News Editor
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E: laurence.kilgannon@newsco.com
Andy Slim, Managing Director, North
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