Pluribus Technologies Corp. expands into digital activation vertical with acquisition of Rowanwood
Marks Pluribus’ second acquisition in the area of real estate asset management
TORONTO, May 30, 2022 /CNW/ – Pluribus Technologies Corp. (TSXV: PLRB) (“Pluribus“or the”Company“), a growing acquirer of small, profitable software companies, today announced that pursuant to a share purchase agreement dated May 30, 2022there “Share Purchase Agreement“) that he acquired (the “Acquisition“) all the issued and outstanding shares of Rowanwood Professional Service Limited (“Rowanwood” Where “List PR“).
Based in the UK, Rowanwood is a provider of real estate asset management solutions. Apex software supports the management and evaluation of maintenance programs by cataloging an inventory of assets and their condition, tracking investment planning and vendor assignment, and providing financial management and project auditing , as well as a review of key performance indicators. RPSL’s clients include local authorities and housing associations, primarily in the UK.
“With our growing portfolio beginning to scale and deliver improved performance, and having secured our new credit facilities, we are executing on the same transaction cadence as we delivered in 2021,” said Richard Adair, CEO of Pluribus Technologies. “Rowanwood’s set of solutions is highly complementary to that of previously acquired Pluribus holding company, Assured Software, which specializes in site management tools for construction and restoration. Given the highly adjacent nature of two solutions, we see opportunities to provide real-time communications between asset managers and their tenants as well as improved monitoring and analysis of planned maintenance.This enhanced functionality is expected to support cross-selling of an expanded suite advanced solutions from both companies.
“Over the past five years, Rowanwood has redeveloped its asset management technology and more recently developed a new product offering to help real estate organizations meet their zero carbon challenges by 2030 and beyond. “, said Andy Rendel, managing director of Rowanwood Professional Services Limited. “We are delighted to join Pluribus Technologies and are confident that we can enhance their vertical management of real estate assets and expand the business to new geographies and regions. We strongly believe this is a great opportunity for Rowanwood, our employees and our customers, and that this will help accelerate our brand recognition in the markets we serve here in the UK and overseas.”
Rationale for acquisition
Rowanwood has a long history as a profitable technology company with an established operational track record, including a diverse group of clients managing properties across the UK;
Further strengthens Pluribus’ presence in the digital enablement vertical with a particular focus on real estate asset management and contract space;
Highly complementary solutions offering to that of the existing portfolio company, Assured Software, with many potential product synergies and cross-selling opportunities, including overseas;
second acquisition of Pluribus in the UK, increasing the portfolio’s presence in the country; and
Potential to attract further acquisitions of complementary software solutions by leveraging the growing critical mass in the area of real estate asset management.
Terms of acquisition
Pursuant to the terms of the share purchase agreement, the Company will pay RPSL a total of approximately £3.6 million ($5.8 million) in cash, as well as a price supplement based on the achievement of future performance objectives by Rowanwood. The price paid for the acquisition is within the historical adjusted EBITDA target range of Pluribus1 and the acquisition should be immediately accretive.
1 Adjusted EBITDA is a non-IFRS measure, as described in the Non-IFRS Measures section of this press release.
Andy RendelRowanwood’s Managing Director, will remain involved with Rowanwood after the acquisition to ensure a smooth integration into Pluribus’ portfolio of companies.
About Rowanwood Professional Services Limited
RPSL is the software provider and intellectual property owner of the Apex Asset Management solution. Apex software is a comprehensive, feature-rich real estate asset management solution designed and developed by Rowanwood to help organizations manage their real estate portfolio. For more information, please visit: https://www.rowanwood.ltd/.
About Pluribus Technologies Corp.
Pluribus is a technology company that is a value-based acquirer of profitable small business-to-business technology companies across a range of verticals and industries. Pluribus offers its acquisitions access to experienced sales and marketing resources, strategic partnership opportunities, a diverse portfolio of customers in different geographic markets, and enabling technologies to create new revenue streams and offer these companies the opportunity to grow in their respective markets. For more information, visit: https://www.pluribustechnologies.com/.
The Company uses non-IFRS measures to assess its operating performance. Securities regulations require companies to caution readers that earnings and other measures adjusted on a non-IFRS basis do not have standardized meanings and are unlikely to be comparable to similar ones used by other companies. Therefore, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operational performance. Management uses Adjusted EBITDA to assess operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangibles resulting from the acquisition), any impact from financial activities and taxes, asset impairment, foreign exchange gains and losses, other income, restructuring and transition costs mainly related to acquisitions and other non-recurring one-time transactions.
Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements regarding the Company’s business plans, including the success and pace of future acquisitions, the Company’s management’s expectations regarding the growth, profitability and performance of its current and future acquisitions, the approval of the acquisition by the TSX Venture Exchange, the continued growth and profitability of RPSL, Andy Rendel RPSL’s commitment following the closing of the Acquisition, the anticipated synergies between RPSL and the Company, the Company’s ability to continue to acquire business-to-business software companies at reasonable prices and the Company’s ability to grow its portfolio companies into significant organizations. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or negatives of these terms. and similar expressions.
Forward-looking statements are based on certain assumptions, including the Company’s ability to complete acquisitions on favorable terms; the Company’s ability to effectively manage a complex portfolio of businesses; the Company’s ability to evolve its management team to support a rapid pace of growth; the Company’s ability to raise sufficient financing to pursue the pace of its acquisition strategy; the Company’s ability to maintain its rapid rate of growth. Other assumptions include industry trends, availability of growth opportunities, and general business, economic, competitive, political, regulatory and social uncertainties will not prevent the Company from conducting its business. Although the Company considers these assumptions to be reasonable based on currently available information, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and may prove to be incorrect. Forward-looking information relates only to these assumptions as of the date of this press release.
Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions, including the COVID-19 pandemic, adverse industry events, marketing costs , loss of markets, future legislative and regulatory developments, inability to access sufficient capital on favorable terms, the limited operating history of the Company; ability to complete favorable acquisitions; the software industry Canada and internationally, tax and regulatory issues, the Company’s ability to execute its business strategies, including the ability to effectively manage a complex portfolio of businesses, competition, currency and interest rate fluctuations interest, and other risks.
Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management when prepared, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management’s expectations, and such forward-looking information may not be appropriate for other purposes. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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+1 (416) 347-8954
Chief executive officer
Pluribus Technologies Corp.
1 (800) 851-9383
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SOURCE Pluribus Technologies Corp.
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