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ReadyTech: Raises funds for $72M Open Office buyout

November 6, 2020

ReadyTech (RDY) is tapping investors for some extra funds to help buy software provider Open Office in a deal worth up to $72 million
The company will cough up an initial $54 million in the deal, with another $18 million to paid in two tranches based on future Open Office revenue
Open Office provides software-as-a-service products designed to help manage local governments and streamline the court process
ReadyTech says the buy gives it access into a new and attractive vertical
The company is also planning a potential share purchase plan to raise $4 million on top of this
ReadyTech shares are in a trading halt until next Monday, but last traded for $2 each yesterday afternoon