Damstra successfully completes acquisition of Vault Intelligence
Damstra Holdings Limited (Damstra or the Company, ASX:DTC), an Australian-based provider of integrated workplace management solutions, is pleased to announce that the scheme of arrangement (Scheme) in relation to the acquisition by Damstra of all of the issued capital in Vault Intelligence Limited (Vault) has been successfully implemented.
In accordance with the Scheme, Damstra has today issued 44,136,408 ordinary shares to eligible Vault shareholders as consideration for the transfer of their Vault shares to Damstra under the Scheme. Trading of these new Damstra shares is expected to commence on a normal settlement basis from Tuesday, 20 October 2020.
The acquisition marks a major milestone in the continued implementation of Damstra’s strategy.
Johannes Risseeuw Executive Chairman of Damstra said “Since we listed on the ASX in October last year, Damstra has continued to deliver on its vision to create a truly great Australian global technology success story. Our solutions reduce and manage workplace risks for clients across sectors including mining, construction and engineering. Among the benefits of the combination, the merged group will be able to accelerate product innovation, including fever detection, facial recognition, remote, mobile and lone workforce solutions. An expanded Damstra offering is expected to fast track growth, including the ability to cross sell products across respective client bases, within Australia and New Zealand but also in international markets, particularly North America and now South East Asia.
Christian Damstra, CEO and Managing Director, said, “Our organic growth outlook remains strong but an acquisition such as Vault represents a low risk and transformational step to gain increased scale and diversification. These and other benefits will allow Damstra to accelerate innovation and our international expansion. A great example of the complementary fit and cross selling opportunity will be the inclusion of Vault remote tracking and lone worker products such as Solo in the Damstra product module.”
“We have a clear implementation plan and pathway forward, and Damstra has demonstrated a strong track record in successfully integrating its acquisitions. Damstra will provide further updates on the integration process in its upcoming 4C due to be released before end of October and then also the AGM which is scheduled for the 16th of November”.
Authorised for release to ASX by the Board of Damstra.
Damstra is an Australian-based provider of integrated workplace management solutions to multiple industry segments across the globe. The Company develops, sells and implements integrated hardware and software-as-a-service (SaaS) solutions in industries where compliance and safety are of utmost importance. These solutions assist Damstra’s clients to better track, manage and protect their staff, contractors and their organisations, and to reduce the risks associated with worker health, safety and regulatory compliance.
The Company has been operating since 2002 and has grown from providing an Australian mining contractor management solution to an integrated workplace management solution provider with a growing client base in international markets.
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