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Covata Ltd

Covata signs supply and services deal with DHL

Covata provides software for data management and security.

signing a deal
The company is also progressing the major acquisition of a German data company

Covata Ltd (ASX:CVT) has signed a master supply and services agreement with DHL Information Services (Europe) s.r.o.

The initial order is to the value of €244,360 or about A$390,000.

The deal size is material for Covata who recorded cash receipts of $382,000 for the recent March quarter.

READ: Covata looks to Eclipse with dataglobal

Covata continues to progress its transformational acquisition of Germany-based content services, digital workplace and archiving software provider dataglobal GmbH.

The conditions precedent to the acquisition includes completion of due diligence, various approvals and an equity raising of around $20 million.

Last month, Covata appointed Shaw and Partners Limited and Aitken Murray Capital Partners Pty Ltd as joint lead managers in relation to the proposed equity raising.

Under the deal Covata will acquire 100% of dataglobal for €13 million with consideration settled 65% in cash and 35% in Covata shares.

Proactive caught up with Covata in March 2019 for an update

Quick facts: Covata Ltd

Price: $0.02

Market: ASX
Market Cap: $10.1 m
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