Benzinga | Jul 8, 2021 10:55AM EDT

Descartes Acquires Cloud Mobile Solutions Company GreenMile For $30M Cash Plus Earn-Outs

* The Descartes Systems Group Inc (NASDAQ:DSGX) acquired cloud-based mobile route execution solutions provider for food, beverage, and broader distribution verticals GreenMile for cash consideration of $30 million and an earn-out consideration.

* The maximum amount payable under the earn-out is $10 million, subject to GreenMile's accomplishment of revenue-based targets over the first two years post-acquisition.

* The GreenMile combination added a team with deep domain expertise in retail food and beverage distribution, extending Descartes' operational footprint and presence in Latin America, Descartes' CEO Edward J Ryan.

* Descartes held $138.1 million in cash and equivalents as of April 30, 2021.

* Price action: DSGX shares are down by 0.93% at $69.16 on the last check Thursday.