Marlowe acquires consulting firm Santia in £4.5m deal

Regulatory software and services provider Marlowe has acquired environmental safety testing and consultancy company Santia, it announced on Tuesday, for consideration of up to £4.5m.

The AIM-traded firm said that for the year ended 31 December 2019, Santia generated adjusted EBITDA of £0.8m on revenues of £10.6m.

Net assets at that date totalled £0.4m.

The company said consideration consisted of an initial £4.3m, with subsequent deferred consideration of £0.2m to be paid subject to the achievement of integration objectives.

Consideration would be settled in cash, and funded from Marlowe's existing cash resources.

“Santia is based in Cardiff and employs approximately 120 staff,” the board said in its statement.

“The acquisition provides attractive synergies with WCS Group, Marlowe's water and air hygiene platform.”

At 1416 BST, shares in Marlowe were down 0.59% at 840p.