Wellington Drive lines up first acquisition with option to buy iProximity for A$4.3m

Wed, 28 Feb 2018

By Sophie Boot Feb. 28 (BusinessDesk) - Wellington Drive Technologies, which makes energy efficient motors for commercial refrigerators, has taken an option to buy Australian digital marketing company iProximity for A$4.25 million. Wellington Drive and iProximity had an existing partnership, and have now signed a sale and purchase option agreement which runs until August, allowing Wellington Drive to buy iProximity for a combination of A$1.25 million in up-front payments and three-year cash and share-based earn-out targets. The payments w...

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