Webfirm signs agreement for QDC IP purchase

Internet company Webfirm (ASX:WFM) has signed a purchase agreement for its $3m acquisition of QDC IP Technologies, modifying its offer to include a cash component

Internet technology and marketing company Webfirm (ASX:WFM) has finalised the agreement over the $3 million acquisition of QDC IP Technologies, the holder of a number of advertising patents.

QDC and Webfirm's wholly-owned subsidiary, Adslot, have executed a share sale and purchase agreement over the transaction.

While the initial heads of agreement, executed in August, was to have Webfirm pay only stock for the purchase, a more lucrative than expected SPP has enabled Webfirm to offer some cash in lieu of shares, the company said in a statement.

As a result, instead of 40 million shares, Webfirm will offer around $802,000 in cash and some 29.3 million shares.

The deal still requires Webfirm shareholder approval, which will be sought at the company's AGM on 30 November. If approval is granted, the transaction will occur soon after.

QDC IP technology specialises in technologies and intellectual property for display and video ad creation and personalisation.

Its technology will complement the Adslot unit, which Webfirm acquired earlier this year.

WFM shares ended Wednesday's trading unchanged at $0.185.

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