In a significant corporate move, Powys-based Quartix Technologies has successfully finalised the acquisition of Konetik Deutschland GmbH. This German firm, operating in Berlin and Budapest, is the principal owner and developer of the software found in Quartix’s EVolve electric vehicle product.
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Snapshot of Konetik and market reactions
Konetik’s online platform reveals its prowess in crafting a ‘plug and play’ digital fleet management tool. Tailoring recommendations based on fleet usage patterns, it suggests optimal EV models for various companies. The product boasts adoption across Europe and has established clients like Novartis, Engie, and Pilkington
Financial specifics of the transaction
The total acquisition price stands at a solid €3.9m (£3.4m). This sum is entirely payable in cash, starting with an immediate upfront payment of €2.5m (£2.2m). There’s also a deferred payment of up to €1.4m (£1.2m) in the pipeline.
Quartix elucidated that the deferred payment sum would depend on the number of EVolve subscriptions in the next 24 months. Accordingly, the instalments are set for every six months.
Impact on Quartix’s dividends
Since the payment comes directly from Quartix’s existing cash reserves, the board anticipates a decrease in the FY23 supplemental dividend for shareholders. However, there’s a silver lining for investors. The company guarantees no modifications to either the ordinary dividend or its future dividend policies.
Broader corporate updates
In another significant development, the company’s nominated adviser and broker, previously known as finnCap Ltd, has rebranded itself as Cavendish Capital Markets Ltd. This change follows the successful conclusion of its corporate merger.
Perspective from Quartix’s leadership
Richard Lilwall, the chief executive of Quartix, expressed immense satisfaction over the deal.
Acquiring the core technology for EVolve, a SaaS product, augments our business with consistent revenue.
This, in turn, aids their customer base in transitioning towards eco-friendlier fleet operations. Lilwall also emphasised the strategic significance, stating that the purchase would amplify Quartix’s internal efficiencies, especially as more operators explore electric fleet possibilities.
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Following the acquisition announcement, Quartix Technologies Plc (AIM:QTX) experienced a market boost. Its shares on the AIM registered a 1% surge, reaching 212.2p in early trading sessions. The market positively viewed the potential cash payment of €3.9 million (£3.35 million) for the acquisition of Konetik Deutschland GmBH.
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