16 Aug 2021

Plexure Group enters agreement to buy Task Retail for $A120m

11:24 am on 16 August 2021

Marketing software company Plexure Group has entered into a binding, conditional agreement to buy Australia's e-commerce business Task Retail for $A120 million.

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Photo: 123rf

Plexure will fund the purchase with a mix of $A30m cash and $A78.5m in Plexure ordinary shares, with an additional $A11.5m shares by way of performance rights for selected Task staff.

Task chief executive Daniel Houlden will take the helm of the merged group, with a seat on the board.

"With this acquisition, we will enable clients to deliver a better experience and a personalised and seamless service to all their customers, on mobile devices and throughout the venue, through an integrated, highly scalable platform," Plexure chair Phil Norman said.

Privately-owned Task's pro-forma revenue was $NZ14m in the year ended June, with an underlying profit of $NZ2.4m.

"As well as an outstanding platform, Task brings us an enviable list of blue-chip clients, multiple segment deployments, growing recurring revenue and a strong leadership team," he said.

The transaction was subject to Plexure shareholder approval and a capital raising of up to $A20m prior to settlement.