Qoria completes OctopusBI acquisition

Digital safety and student wellbeing solutions provider Qoria (ASX: QOR) has completed the acquisition of 100% of the issued share capital of OctopusBI, a data analytics innovator.

Launched in Australia in 2018, OctopusBI has established a compelling suite of K-12 focused data.

Highlights

• The acquisition of data analytics innovator OctopusBI to add premium data analytics and AI capability into the Qoria admin and teacher platforms
• The issue of 82m shares to raise $30 million (before costs) to fund the OctopusBI acquisition and bolster the balance sheet

Qoria advises that the following consideration has been paid on completion of the Acquisition:

• $5M cash consideration has been paid; and
• 11,666,667 deferred consideration rights will be issued early next week in accordance with the acquisition agreement.

Capital Raising

Qoria has issued 80,645,162 fully paid ordinary shares at an issue price of $0.372 per Share to raise $30 million.

Net proceeds of the Placement will fund the cash component of the acquisition of OctopusBI, strengthen the Company’s balance sheet and for general working capital purposes.

Unified Capital Partners Pty Ltd (UCPS) acted as Lead Manager & Bookrunner to the Placement with Canaccord Genuity (Australia) Limited and Ord Minnett Limited acting as Co-Managers.