Proptech company Topfloor acquired in €6.2m deal

Shares in London-listed Grafenia rise 9 per cent after acquisition is confirmed

Gavin Cockerill, acting chief executive of Grafenia: ‘We’re delighted to announce our fourth acquisition of the financial year, adding Topfloor to the growing stable of vertical market software businesses in our portfolio’

Topfloor Systems, an Irish property management software company, has been acquired in a €6.2 million deal. The buyer is Grafenia, a London-listed group that builds software-as-a-service systems for businesses.

The company is paying an initial €3.8 million for Topfloor, with a deferred consideration of €960,000 to be paid on the first anniversary of completion. Up to a further €1.4 million is due upon achievement of agreed targets relating to the financial performance of Topfloor.

The ...