Envirosuite Limited (from now on, Envirosuite) is pleased to announce that it has just received advice that its conditional bid for the assets of Canadian based 'Odotech Inc' has been accepted by their bank-appointed Trustee.
Odotech is a long-standing environmental technology company that specialises in monitoring and managing odour related issues. Odotech has a significant number of clients across the wastewater, mining, agriculture, and pulp and paper industries, as well as in local government. Odotech offers a vertical hardware and software solution consisting of air quality and odour sensors and a cloud-based visualisation platform.
Odotech has clients globally and has sales and support subsidiaries based in France and Chile servicing Europe and South America respectively. Odotech also owns a family of patents relating to their proprietary hardware and processes.
Envirosuite's conditional offer of $450,000 (CAD) has been accepted by the Trustee. This offer is conditional on a five day due diligence period ending 5th December 2017.
On satisfactory completion of Envirosuite's bid conditions, the Trustee will apply to the Canadian courts to have the transaction approved at which time the transaction will complete and the assets of Odotech Inc will transfer to Envirosuite.
Envirosuite Limited Chief Executive Officer, Peter White said, "It is our intent to incorporate the complementary elements of the Odotech platform into Envirosuite's market leading Saas platform as well as transitioning their clients. "Odotech brings us expanded functionality and potentially a material increase in our customer base as well as strategic partner relationships to enhance our business."
Envirosuite will advise the market once the purchase conditions have been satisfied and again when the Canadian court has made a decision on the transaction. At that time Envirosuite will provide a comprehensive investor presentation incorporating this transaction as well as an update across the group.
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