VRME - VerifyMe acquires assets of PeriShip logistics management company for $10.5M

VerifyMe (NASDAQ:VRME) acquired the assets of PeriShip, a business specializing in logistics for time and temperature controlled shipping using proprietary predictive analytics software, for $10.5M. The consideration consists of $7.5M cash, $1M in VerifyMe common stock and a $2M promissory note that matures in 18 months, with partial principal payments commencing at six and fifteen months. The combined company annual revenues are expected to exceed $25.M and have a positive ad. EBITDA in 2023. Utilizing VerifyMe's proprietary IT platform, PeriShip provides real-time information and analysis to mitigate supply chain flow interruption. PeriShip's customers range from medium-large sized businesses in the perishable food sector to large, multinational industry leaders in the pharmaceuticals space. Shares trading 5.6% higher premarket.

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VerifyMe acquires assets of PeriShip, logistics management company, for $10.5M