Genasys Inc. completed the acquisition of Evertel Technologies, LLC from Word Systems Operations, LLC.
October 04, 2023
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Genasys Inc. (NasdaqCM:GNSS) entered into a membership interest purchase agreement to acquire Evertel Technologies, LLC from Word Systems Operations, LLC for $5.5 million on September 20, 2023. As consideration for the purchase of the membership interests of Evertel, Genasys has agreed to pay to Word Systems, total consideration of approximately $5.8 million, comprised of approximately 75% stock and 25% cash, subject to customary adjustments. As reported, $2.73 million will be paid by the delivery to Word Systems of the closing shares and $0.94 million will be paid in cash. Word Systems shall be eligible to receive contingent earnout payments which shall in no event exceed $1.05 million. Genasys expects the cash consideration to be financed through cash on hand. The transaction is expected to close the first week of October. Durham Jones & Pinegar acted as legal advisor to Genasys Inc. and Densborn Blachly LLP acted as legal advisor to WSI Technologies.
Genasys Inc. (NasdaqCM:GNSS) completed the acquisition of Evertel Technologies, LLC from Word Systems Operations, LLC on October 4, 2023. Pursuant to the terms of the purchase agreement, Genasys issued to Word Systems Operations, 986,486 shares of Genasys' common stock and $0.807 million in cash as partial payment of the purchase price. Also, in connection with the Evertel acquisition, Genasys agreed to issue 270,270 shares of the Company?s common stock to the seller of Evertel twelve months from the closing date. The remainder of the purchase price is subject to future performance criteria and customary adjustments such as working capital and an indemnification holdback. Evertel will be renamed as Genasys Protect CONNECT.
Genasys Inc. provides critical communications software solutions and hardware systems designed to alert, inform and protect communities and organizations. Its Genasys Protect unified platform collects information on developing and active emergency situations from a range of sensors and inputs and enables governments, businesses and organizations to deliver real-time, geo-targeted notifications and information to people in harmâs way before, during and after public safety and enterprise threats. Genasys Protective Communications Solutions have a diverse range of applications, including emergency warning and customizable mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, as well as automatic detection of real-time threats like active shooters and severe weather. The Company has two segments: Hardware and Software. Its principal markets are North and South America, Europe, the Middle East, and Asia.
GENASYS INC. 
