Business
Why the ELMO Software (ASX:ELO) share price surged 11% higher today
The ELMO Software Ltd (ASX: ELO) share price has been a very strong performer on Thursday.
In afternoon trade the cloud-based HR and Payroll software provider’s shares are up over 11% to $6.53.
Why is the ELMO share price surging higher?
Investors have been buying ELMO’s shares today after it announced another bolt-on acquisition.
According to the release, the company has agreed an initial payment of 20 million pounds (A$35.3 million) to acquire UK-based Webexpenses.
This consideration comprises a combination of cash (51%) and scrip (49%). The deal also comes with an earnout consideration of ~13 million pounds (A$23 million), which is payable in the same balance of cash and scrip, and is subject to the achievement of…
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