GetBusy H1 trading remains 'robust', makes bolt-on acquisitions

Software firm GetBusy said on Tuesday that trading had remained "robust" since the halfway point of the year, with progress made in all elements of its strategy.

GetBusy said its recurring revenue growth rate of 12% from the first half had been sustained in the third quarter and added that net cash at the end of September was up £300,000 at £2.3m.

The AIM-listed group stated it was looking forward to the final quarter of 2021 and into 2022 with "increasing confidence".

GetBusy also noted that it had completed two bolt-on technology acquisitions that were expected to accelerate its SmartVault offering's product roadmap across client workflows and its go-to-market strategy into the wider financial and professional services market.

In order to satisfy the acquisition, GetBusy will pay a non-material amount of upfront cash for each asset, with a cash earn-out payment in early 2023 of 1x annualised recurring revenue from the acquired products as of 31 December 2022. The respective earn-out payments are capped at $500,000 each, with the total potential consideration being funded from the existing cash resources.

As of 1315 BST, GetBusy shares were up 0.91% at 66.60p.