ReadCloud Limited (ASX:RCL) entered into an agreement to acquire Ripponlea Institute Pty Ltd from Sarah Pavy for AUD 1.8 million on June 1, 2021. As per the terms, purchase price is up to AUD 1.8 million, comprising an upfront cash payment of AUD 1.2 million and up to AUD 0.6 million of ReadCloud shares contingent on achievement of two year revenue targets. As per the terms, acquisition will be funded by existing cash and the issue of shares, with consideration in three tranches based on performance. For the financial year ended 2020, Ripponlea Institute reported total revenues of AUD 0.85 million and EBITDA of AUD 0.4 million. Sarah Pavy and one other employee of Ripponlea will join the ReadCloud team to continue to grow the combined business. As of October 1, 2021, ReadCloud Limited issued 789,474 ordinary fully paid shares in payment of deferred consideration. ReadCloud Limited (ASX:RCL) completed the acquisition of Ripponlea Institute Pty Ltd from Sarah Pavy in June, 2021.