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

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.