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Panoply Holdings Buys Artificial Intelligence Start Up GreenShoot Labs

LONDON (Alliance News) - Panoply Holdings PLC said Tuesday that it has acquired GreenShoot Labs ...

Alliance News 12 February, 2019 | 1:48PM
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LONDON (Alliance News) - Panoply Holdings PLC said Tuesday that it has acquired GreenShoot Labs Ltd, a artificial intelligence-led technology company developing automated conversational services like chatbot supporting victims of cyber crime and voice-led football coach.

The technology investment company said the acquisition is in line with the group's strategy to back start-ups with strong management and strong potential for growth.

Panoply is buying GreenShoot for nil initial consideration and additional consideration is only payable if GreenShoot Labs achieves positive earnings before interest, taxes, depreciation and amortisation in the period from April 1 to March 31, 2021.

The total consideration payable by Panoply in respect of the acquisition is capped at GBP7.4 million. In order to achieve the maximum total consideration payable GreenShoot Labs would need to generate in excess of GBP1 million Ebitda within the earn out period.

GreenShoot was incorporated in September 2017 and in its first year of trading generated revenue of GBP43,297 with an operating loss before tax of GBP81,739 for the year ended September 30, 2018.

Shares in Panoply Holdings were down 5.0% at 95.00 pence each on Tuesday afternoon.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
The Panoply Holdings PLC Ordinary Shares 85.00 GBX 6.25 -

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