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Instem pays earn-out consideration as Logos continues to perform

Published: 08:40 03 Aug 2015 BST

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Instem provides advanced and best-in-class IT solutions and services to the global health and life sciences community

Instem (LON: INS) said the performance of its Logos businesses, acquired in May 2013, has been good enough to trigger earn-out payments.

The provider of information technology (IT) solutions to the global early development healthcare market, said £1.3mln has been paid to the previous owners of Logos, half of which has been satisfied in Instem shares, with the rest paid in cash.

A total of 339,586 Instem shares have been issued at a price of 191.4p each, taking the number of Instem shares in issue up to 12.55mln.

Instem initially paid £0.55mln for Logo in a deal that had a number of performance-based earn-out clauses. The IT firm has now made three contingent payments and said that a further £1.9mln remains payable subject to performance.

Shares in Instem were unchanged on the news.

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