Damstra to Acquire TIKS Solutions
Damstra, the Australian-based global leader of integrated workplace management SaaS solutions, today announced a share sale agreement to acquire 100% of the shares in TIKS Solutions, a Sydney-based workplace safety and compliance management company.
Damstra, ASX:DTC, operates a range of software solutions that aid enterprises to connect and protect their organisations, ensuring the safety of their workforce with Damstra's Enterprise Protection Platform (EPP) which showcases Damstra Safety, Damstra Learning, Solo connected worker, Digital Forms, Asset Management, Intelligent Workflows, and Safety Analytics. There is also an element of hardware integration with worksite-based terminals, gates, and wearables with smartwatches.
TIKS is a Sydney-based SaaS business operating in the workforce management industry since 2011, with a team of approximately 20 staff. TIKS also has a small international footprint with clients in Canada, the US, Indonesia, and Malaysia. Like Damstra, TIKS services the mining, construction, and utility sectors, while also providing access to new verticals in facilities management, aviation, and rail.
Its key products are Assure for qualifications, competencies, work orders, and permits to work, and VMS for visitor management.
The acquisition is in line with Damstra's strategy to pursue inorganic opportunities to consolidate its existing markets while entering new markets, establishing new clients and cross-selling opportunities, and deepen the company’s product, technology, and organisational capability.
Damstra chief executive officer, Christian Damstra, said, “TIKS is an exciting natural fit for Damstra that will bring further scale to our business, enhancing our leadership position in workforce management in Australia and expanding our international footprint. The business is already cash-flow positive with potential for operational and co-location synergies and will bolster our product development capability. We’re are also excited to welcome TIKS CEO and Founder, Sam Marciano, to Damstra, who is demonstrating his commitment to the business and our long-term strategy by taking the majority of his consideration in escrowed Damstra shares.”
Sam Marciano, TIKS CEO and founder said, “I have been watching Damstra since before its listing and have a good appreciation for the team’s long-term vision and how they have evolved their product positioning with the Enterprise Protection Platform. I believe combining the TIKS business with Damstra will enable accelerated growth opportunities in Australia and internationally, and along with my team I look forward to being part of the company’s long-term journey."
We look forward to welcoming the entire TIKS team to the Damstra family over the next few weeks!
For full details of the acquisition structure you can view our ASX announcement which can be downloaded below.