Deal: G+T is advising Damstra Holdings Ltd on its proposed acquisition of ASX-listed Vault Intelligence Limited through an all-scrip scheme of arrangement.

Value: Undisclosed.

Area: M&A.

Key players: The Gilbert + Tobin team is led by corporate advisory partner Alex Kauye with support from Wes Bainbridge, Alon Takac and Rose Burnfield.

 Deal significance: Damstra said it had entered into a scheme implementation deed with Vault under which Damstra proposes to acquire 100 per cent of Vault.

Under the proposed scheme of arrangement, Vault shareholders will receive one Damstra shares for every 2.9 Vault shares.

Damstra CEO Christian Damstra says since listing on the ASX in October last year, the company has continued its vision of a “great Australian global technology success story.”

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“Our solutions reduce and manage workplace risks for clients across sectors including mining, construction and engineering, and more recently education. The advent of COVID-19 has heightened these challenges for employers, in turn driving structural demand for our solutions,” he said.

Once the merger is completed, client numbers are expected to increase from 500 to 800 and user numbers will rise from 400,000 to 550,000.

“After advising Damstra on its successful IPO and ASX listing last year, we are delighted to now be working with them on this transformational acquisition,” Mr Kauye said. 

“A transaction like this is a positive sign that, despite the current economic uncertainty, parties are still prepared to pursue significant M&A transactions where there is a compelling strategic rationale.”

Vault is a SaaS business specialising in the development of workforce performance technologies. Damstra is an Australian-based provider of workplace management solutions to multiple industry segments across the globe. The transaction will create a larger, more diversified, workplace management company with an expanded and highly complementary product range.