Cronin Group Acquires Scientific, Industrial Software Developer OpenIOLabs.
M2 EQUITYBITES-November 13, 2017-Cronin Group Acquires Scientific, Industrial Software Developer OpenIOLabs
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13 November 2017 - UK-based Cronin Group plc (AIM: CRON), a company focusing on digitizing chemistry, has acquired scientific and industrial hardware and software developer OpenIOLabs Ltd., the company said.
David Cleevely CBE FREng FIET, chairman of OpenIOLabs, will be appointed as a non-executive director of Cronin with effect from completion of the acquisition.
Cleevely is a serial entrepreneur having founded or co-founded several companies and organisations, notably including Abcam plc, Analysys Ltd., 3 WayNetworks Ltd., Cambridge Wireless Ltd., Cambridge Angels and Controllis Ltd.
He is chairman of the Raspberry Pi Foundation and is a member of the IET Communications Policy Panel. He was awarded a CBE for services to innovation and technology in 2013.
OpenIOLabs, which is based in Cambridge, provides an open source hardware translation platform for organisations working with multiple pieces of equipment in a laboratory or in an industrial environment.
It bridges the language and compatibility gap between various hardware and software, bringing different systems together to create one point of control. The acquisition is expected to accelerate the company's development by a minimum of six months.
In the year ended 31 December 2016, OpenIOLabs reported audited revenue of GBP 77,694 and a loss after tax of GBP 601,283.
As at 31 December 2016, it had net assets of GBP 207,344.
Cronin Group is acquiring OpenIOLabs for a maximum consideration of 47m new ordinary shares of 0.01 pence each in the company, of which 25m consideration shares will be issued on completion and the balance may be issued within four years of completion.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 13, 2017|
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