The acquisition marks a major milestone in continued implementation of the growth strategy for Damstra, an Australian-based provider of integrated workplace management solutions.
Accelerate international expansion.
Damstra CEO and managing director Christian Damstra said: “Our organic growth outlook remains strong but an acquisition such as Vault represents a low risk and transformational step to gain increased scale and diversification.
“These and other benefits will allow Damstra to accelerate innovation and our international expansion.
“A great example of the complementary fit and cross-selling opportunity will be the inclusion of Vault remote tracking and lone worker products such as Solo in the Damstra product module.
“We have a clear implementation plan and pathway forward, and Damstra has demonstrated a strong track record in successfully integrating its acquisitions.
“Damstra will provide further updates on the integration process in its upcoming 4C due to be released before the end of October and then also the AGM which is scheduled for November 16.”
Global technology success story
Damstra executive chairman Johannes Risseeuw said: “Since we listed on the ASX in October last year, Damstra has continued to deliver on its vision to create a truly great Australian global technology success story.
“Our solutions reduce and manage workplace risks for clients across sectors including mining, construction and engineering.
“Among the benefits of the combination, the merged group will be able to accelerate product innovation, including fever detection, facial recognition, remote, mobile and lone workforce solutions.
“An expanded Damstra offering is expected to fast-track growth, including the ability to cross-sell products across respective client bases, within Australia and New Zealand but also in international markets, particularly North America and now South East Asia.”
Scheme of arrangement
As a part of the scheme of arrangement related to the acquisition, Damstra issued 44.13 million ordinary shares to eligible Vault shareholders as consideration for the transfer of their Vault shares to Damstra.
Trading of these new Damstra shares is expected to start on a normal settlement basis from Tuesday, October 20, 2020.
Damstra is engaged in developing, selling, and implementing integrated hardware and software-as-a-service (SaaS) solutions in industries where compliance and safety are of utmost importance.
These solutions assist clients to track, manage and protect their staff, contractors and their organisations, and to reduce the risks associated with worker health, safety and regulatory compliance.
Damstra has been operating since 2002 and has grown from providing an Australian mining contractor management solution to an integrated workplace management solution provider with a growing client base in international markets.