TORONTO, April 6,
2022 /CNW/ - Pivotree Inc. ("Pivotree" or the
"Company"), a leading provider of frictionless commerce
solutions, announces that Bridge Solutions Group ("Bridge
Solutions") has achieved gross profit growth targets for fiscal
2021 as previously set out at the time of the acquisition completed
in September 2021. As such, the
former shareholders of Bridge will be paid contingent consideration
of US$2.6 million.
Of the contingent consideration, 48.6% of the value or
US$1.3 million, will be paid in cash.
The remaining value of US$1.3 million
will be paid through the issuance of 359,807 common shares, at a
deemed share price of $4.66, being
the 90 day VWAP. The issuance of the shares is subject to the
approval of the TSX Venture Exchange. The common shares will be
subject to a four month hold period from the date of issuance in
accordance with applicable securities laws.
Bridge Solutions Group was founded in 2010 and boasts global
delivery expertise with offices across North America and India. Its global team of supply chain experts
helps leading companies succeed in the areas of omnichannel
fulfillment strategy, solution design and implementation, managed
services, project and program management consulting, and business
process consulting. Bridge Solutions Group services an impressive
roster of Fortune 500 companies and leading retailers. Bridge
Solutions Group is both an IBM Premier Business Partner and Fluent
Commerce partner.
For more information about the Bridge Solutions acquisition,
please refer to the definitive agreement announcement and the
closing announcement press release dated August 26, 2021 and September 17, 2021 respectively.
Incentive Plan Awards
Pivotree also announced that it has granted an aggregate of
3,413 restricted share units (each an "RSU"), 6,827 performance
share units (each, a "PSU"), and 104,981 stock options (each, an
"Option") to certain executive officers of the Company pursuant to
the Company's Equity Incentive Plan (the "Plan"). Each RSU will
vest over a period of three years and each PSU will vest over a
period of 24 months. The Options bear an exercise price of
$4.23 per share, vest over a period
of four years from the date of grant, and will expire 10 years from
the date of grant.
The Company also granted an aggregate of 22,457 deferred share
units (each an "DSU") to certain non-executive officers of the
Company in respect of their services to the Company from
January 1, 2022 to March 31, 2022 pursuant to the Plan. All of the
DSUs vest effective as of the date of grant and may be settled, at
the option in the Company, in cash or common shares of the Company,
or a combination of cash and common shares, upon the applicable
director ceasing to be a director of the Company.
A copy of the Plan is attached as Appendix C to the Company's
final prospectus dated October 23,
2020, which is available on the Company's profile on SEDAR
at www.sedar.com.
About Pivotree
Pivotree, a leader in frictionless commerce designs, integrates
and manages digital platforms in Commerce, Data Management, and
Supply Chain for over 250 major retail and branded
manufacturers globally. Pivotree provides a combination of
application support and managed hosting with digital strategy and
software implementation services. Headquartered in Toronto, Canada with offices and customers in
the Americas, EMEA, and APAC, Pivotree is widely recognized as a
high-growth company and industry leader. For more information,
visit www.pivotree.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Pivotree Inc.