Cipherpoint Ltd (ASX:CPT) has received the full $200,000 of escrowed consideration as part of its sale of technology assets to fellow ASX-lister archTIS Ltd.
By buying Cipherpoint's software division, archTIS will gain access to the tech stock's customers, staff, technology and European operations as part of the acquisition deal announced last September.
The initial purchase price was $1.4 million in cash with $200,000 held in escrow until certain contracts were completed. In addition, further consideration of up to $1 million is to be paid based on total contract values of contracts assigned to archTIS as of March 31, 2022.
Cipherpoint stated in a September 20, 2021 announcement that it is in the process of determining the quantum of its entitlement to deferred equity consideration with the purchaser. This will be calculated using the contract values of sold technology assets till the end of this month.