Janison Education Group Limited agreed to acquire School Assessments Business of Quality Assessment Tasks for AUD 2 million.

Janison Education Group Limited (ASX:JAN) agreed to acquire School Assessments Business of Quality Assessment Tasks for AUD 2 million on October 11, 2021. Janison Education Group Limited has agreed to pay AUD 2 million in total consideration of which AUD 1.25 million will be paid in cash upfront upon completion and AUD 0.75 million variable earnout payment in cash which will be deferred for one year and contingent upon achieving an agreed FY22 revenue target. The total consideration will be funded from Janison's cash balance and represents a recurring revenue multiple of 1.5x.

For the financial year 2021, business had revenues of AUD 1 million and EBITDA of AUD 0.5 million. Transaction has an expected completion date on or around 15 October 2021.