Motio Ltd (ASX:MXO) has announced it has acquired 100% of UK-based Liquid Thinking Ltd (owner of the Spawtz Software operated in Australia by Motio under licence) which also operates through licensees in South Africa and New Zealand. Liquid Thinking?s portfolio of customers and technology focuses on delivering end-to-end registration, competition management and payments for Indoor Sports Centres, Sporting Associations and Leagues across the UK, Australia, South Africa and New Zealand. Motio has entered into a binding agreement to acquire all the issued capital of Liquid Thinking Ltd on the material terms; AUS$375,000 cash (funded through Motio?s existing cash reserves), Up to 4,125,000 ordinary shares to the value of up to AUD$375,000, with up to $600,000 in deferred scrip consideration based on achievement of revenue growth milestones.
Motio Ltd shares traded flat at $0.07/share following the announcement.