RTTNews | Jul 7, 2021 05:01PM EDT

17:00 Wednesday, July 7, 2021 (RTTNews.com) - Geospace Technologies Corp. (GEOS) Wednesday said it has acquired Aquana LLC, a wireless water monitoring and control system provider. Following the news, shares of the company gained 7% in the extended session.

Under terms of the deal, Aquana will operate as a wholly owned subsidiary of Geospace Technologies. The company plans to retain Aquana's employees

Geospace will pay an initial cash payment of $1.4 million at closing of the deal, and additional contingent cash payments over a six-year earn-out period. The contingent cash payments will be derived from revenues generated during the earn-out period from products and services sold by Aquana.

Founded in 2017, Aquana provides a leading Internet of Things (IoT) water management platform that delivers remote shut-off valve control, remote AMI meter reading, as well as leak and burst protection for municipal water utilities, multi-dwelling properties, and commercial buildings.

GEOS closed Wednesday's trading at $8.44, down $0.06 or 0.71%, on the Nasdaq. The stock, however, gained $0.61 or 7.23%, in the after-hours trading.

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