The acquisition closed for a total cash consideration of up to £4.55 million. This includes an initial cash consideration of £3.41 million, plus a deferred consideration of up to £1.14 million.
The deferred consideration is made up of £760,000 million to be paid one year after completion, and a further £380,000 to be paid six months later, subject to certain conditions and renewal of customer contracts.
For Gresham, this is the first acquisition since it launched its Clareti platform in 2011. It is intended to accelerate product development for new solutions and innovation, such as fast data and offering more certainty in data processing.
It is also intended to speed up the company’s growth, adding to its customer base in the UK, Europe, North America and Japan.
Ian Manocha, CEO of Gresham, commented: “The acquisition of C24 marks another important milestone for Gresham in our growth, and further cements our position as a leader in enterprise data integrity. As a partner we have found in C24 a great visionary for big and fast data and the acquisition will accelerate our innovation agenda in that regard.”
Steve Miller, co-founder of C4 Technologies, added: “In Gresham we have found a committed and experienced partner to support our global customers and realise our future C24 data platform vision.”
“Gresham’s Clareti platform is regarded as industry leading, and our technology and expertise will further strengthen its position and opportunity in the market.”