ConnectM Technology Solutions, Inc. (CNTM): M&A transaction — ConnectM acquires 46% stake in DeliveryCircle; audited FY 2023 revenue $8.4M, net income $466K

ConnectM Technology Solutions, Inc.

Purchase price $520K plus earn-out based on 20% of revenue growth or 37% EBITDA through 2031.
DeliveryCircle FY2023 revenue $8.43M, gross profit $1.6M, net income $466K, cash $603K.
One customer drives 99% of revenue and receivables – significant concentration risk.
DeliveryCircle provides same-day delivery platform with proprietary software; $502K in capitalized software.
Acquisition closed Aug 5, 2024; ConnectM now holds 46% equity and 57% voting control.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ConnectM Technology Solutions, Inc. completed an acquisition involving Vijaya Rao for Not disclosed in excerpt (closed 2024-08-05).

Action: acquisition
Counterparty: Vijaya Rao
Consideration: Not disclosed in excerpt
Closing: 2024-08-05

Exact text from the filing

On August 5, 2024, ConnectM Technology Solutions Inc., a Delaware corporation (" ConnectM "), entered into that certain Membership Interest Purchase Agreement (as it may be amended and/or restated from time to time, the " Purchase Agreement ") by and between ConnectM and Vijaya Rao, an individual resident of the State of Delaware (" Seller "), for the purposes of ConnectM acquiring from Seller certain of the issued and outstanding equity securities of DeliveryCircle, LLC, a Delaware limited liability company (" DeliveryCircle ").

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7 m&a transactions filed in the last 30 days. Browse all m&a transactions →

ConnectM Technology Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-121588

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