The Panoply Holdings plc (AIM:TPX) acquired Disruption, Inc. for £3.6 million on January 14, 2019. Under the terms, Panoply will issue 57142 shares. The sellers of Disruption may receive deferred earn-out consideration based on the performance of the business during the four financial years from April 1, 2019 to March 31, 2023. Any such shares will be issued over a 24 month period following the determination of the accounts in respect of the relevant financial period and will be issued at the higher of 87.5 pence per ordinary share and the 30 day VWAP prior to the issue of such earn-out shares. All Panoply shares allotted and issued under the agreement are subject to customary lock-in arrangements and subject to claw-back by the Panoply if Disruption's EBITDA decreases over the 4 year earn-out period. Disruption will retain editorial independence. There are no proposed changes to The Panoply's board members as a result of the Acquisition. Fred Walsh, Alex Price, Neil Shah and Luisa Orsini Baroni of Stifel Nicolaus Europe Limited acted as nominated financial advisor and broker to Panoply. The Panoply Holdings plc (AIM:TPX) completed the acquisition of Disruption, Inc. on January 14, 2019.