LONDON, UK: DeepVerge Plc (LSE:DVRG.L) introduced the acquisition of engineering services firm Glanaco Limited for consideration of, in aggregate, £1.08 million comprising £0.65 million in fairness and £0.43 million in cash.
The fairness issue consists of 4.55 million new ordinary shares of 0.1 pence issued at a price of 14.25p (being the closing mid-market price at shut of enterprise on 14 March 2022) with a 12 month lock-in and orderly market agreement.
The acquisition brings the testing, meeting and commissioning of new generation of MicrotoxPD (real-time pathogen detection in wastewater) in-house.
Glanaco has been a collaboration partner and contractor inside the manufacturing meeting and testing of Modern Water’s MicrotoxPD equipment since August 2021, as a half of the DeepVerge €2.8 million expansion programme, supported with a €750,000 grant from Irish state support funder, Enterprise Ireland.
This engineering expertise, scalable manufacturing capability and logistics facility in Cork, Ireland, together with existing lengthy run provide chain companions throughout the world, permits the Modern Water division of DeepVerge to speed up manufacturing expansion in Europe.
The Glanaco acquisition delivers cost savings, will increase management and mitigates risk of provide chain bottlenecks delivering in-house engineering experience to drive efficiencies and decrease uncertainty the place provide chain disruption is seen as a barrier to global growth.
With manufacturing in-house and mixing with the existing DeepVerge technology centre of excellence in Fermoy Cork, Ireland and axis with the York UK, laboratories, this acquisition permits continued innovation whereas sustaining rapid deployment of our Modern Water pathogen detection and identification options throughout Europe, the US, India and China.
In the year ended 31 December 2020, the most up-to-date year for which accounts have been filed, Glanaco Limited posted profits earlier than tax of £214,731 on turnover of £1.101 million. At 31 December 2020 it had net assets of £339,978. Its unaudited accounts for the year ended 31 December 2021 present profits earlier than tax of £218,315 on turnover of £1.362 million, and net assets on the year finish of £524,255.
DeepVerge additionally has growth plans inside the life science division, comprising each Labskin and Skin Trust Club. The group will instantly increase the genome sequencing footprint at its North American Headquarters in New Castle, Delaware. This includes upgrading the existing laboratories, including new equipment, and recruitment of staff at technician, informatician, scientist and buyer services levels.
The facility in New Castle, Delaware will facilitate Skin Trust Club roll-out throughout cities on the East coast of North America. This expansion plan is designed to meet anticipated demand for 2022, based on the confirmed track record inside the UK, Ireland, following the well-received soft launches inside the US late final year.
Skin Trust Club is a consumer market pores and skin testing service, making personalised skincare a reality. From laboratory test outcomes of the Club member’s pores and skin microbiome – for the primary time – gives a complete scientific based, user friendly, understanding of pores and skin type with suggestions of merchandise and ingredients, designed to nourish and balance the pores and skin microbiome. 58% of membership members have indicated a desire to handle known pores and skin conditions of the outer physique from scalp to feet and this funding permits the Labskin teamwork towards medical device accreditation as a medical device test platform for pores and skin illness diagnosis.
DeepVerge is an environmental and life science group of companies that develops and applies AI and IoT technology to analytical devices for the evaluation and identification of bacteria, virus and toxins; Utilising synthetic clever data analytics to scientifically show the impact of skincare product claims on pores and skin microbiome for many of the highest 20 global beauty firm clients and remotely detecting and figuring out in real-time, harmful pathogens in wastewater treatment plants, drinking water, rivers, lakes and reservoirs.
www.deepverge.com