This morning, Damstra Holdings Ltd (ASX: DTC) shares are pushing higher after the company announced it had completed one of the final steps in its takeover deal of Vault Intelligence Ltd (ASX: VLT). At the time of writing, the Damstra share price is trading 4.78% higher at $2.19.
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What did Damstra announce?
The Damstra share price is on the rise after the workplace solutions provider last night announced it had received Federal Court approval of its Vault takeover. As of today, the scheme is legally effective meaning the much anticipated takeover is a done deal. Vault shares will cease trading on the ASX from close of market today.
The announcement follows on from a release last Friday which advised that Vault shareholders had voted in favour of the takeover.
Damstra will be issuing 44 million new securities as compensation for the deal.
What Vault does
Vault is an online software-as-a-service (SaaS) business that specialises in the development of workforce performance technologies. It aims to deliver significant productivity benefits to organisations, whilst managing the risk, safety, security and protection of their workers – largely similar to what Damstra does.
Vault technology empowers businesses with two platforms which are Vault Enterprise and Vault Solo. The platforms can be enhanced through mobility and internet-of-things (IoT) wearables to deliver tangible benefits in workforce performance and protection. Damstra will look to integrate these platforms into its own expansive solutions offering.
Vault currently services over 1 million people around the world throughout 30 different industries.
What now for the Damstra share price?
Shareholders will be pleased with this deal getting over the line and this is reflected in the impressive Damstra share price gain today. The deal was first brought to light in early July, with Vault shareholders soon to receive 1 Damstra share for every 2.9 shares held in Vault.
The Damstra share price has been on an extraordinary run since the start of this year. It has pushed all worries of the pandemic aside to gain more than 106% this year.
