Quartix Technologies Plc (AIM:QTX) has snapped up the company that provides the software for its EVolve electric vehicle planning product, but said it will cut its special dividend this year because of that.
Shares in the AIM-listed company rose 1% to 212.2p in early trading after it revealed that a total of €3.9 million (£3.35 million) cash could be paid for Konetik Deutschland GmBH, which has offices in Berlin and Budapest, Hungary.
Konetik, according to its website, has built a 'plug and play' digital fleet management product, which makes tailored recommendations to companies based on the usage patterns of their fleets and recommends EV models best fitting each company's fleet operations. It has commercialised the product in various European countries, claiming hundreds of customers, including Novartis, Engie and Pilkington.
Quartix is paying an initial €2.5 million on completion, with a deferred consideration of up to €1.4 million paid every six months based on the number of EVolve subscriptions over the next two years.
While using its cash reserves means there will be a reduction in the supplemental dividend for 2023, it said there will be no change in the ordinary dividend or its dividend policy.
Chief executive Richard Lilwall highlighted that EVolve is a software-as-a-service (SaaS) product that provides the business with additional recurring revenue and expects the acquisition to allow Quartix to increase efficiencies in developing the product.