The ikeGPS (ASX:IKE) share price has rocketed up 10% today. Here’s why. // The Motley Fool Australia

The ikegps Group Ltd (ASX: IKE) share price opened 10% higher today on news the company has entered an agreement to acquire assets of Visual Globe LLC. 

At the time of writing, the ikeGPS share price is holding today’s 10% gain at $1.10.

So what are the terms of the agreement?

In today’s announcement, the company said the Visual Globe assets were expected to deliver revenue targets totalling US$21 million over the period to March 2024 (80% of the total earn-out). It would also retain key people to 31 March 2024 (20% of the total earn-out).

Following ikeGPS’s initial payment of US$3.3 million, an additional US$4.99 million of cash and up to $2.1 million in ikeGPS shares will be paid to Visual Globe. The additional payments…