VerifyMe, which offers authentication and supply chain monitoring, has acquired the assets of PeriShip, a business that offers end-to-end logistics management.
This deal was valued at $10.5m and consists of $7.5m cash, $1m in VerifyMe common stock and $2m in promissory notes that mature in 28 months.
PeriShip is a logistics management and shipping provider for perishable healthcare and food industries. Its services include time and temperature sensitive parcel management, predictive analysis and last-mile resolution. Through its technology, it gives real-time information and analysis to stop supply chain flow interruption.
VerifyMe hopes this deal will be an entry point into the pharmaceutical market for its authentication solutions.
VerifyMe CEO Patrick White “We believe that VerifyMe’s customer engagement solutions will allow current PeriShip clients to engage more with their customers for tracking, storytelling and marketing.
“We expect our combined services offerings will be seen as a unique high-quality service for all our customers. We also believe this acquisition brings tremendous potential to increase sales from PeriShips’ diversified customer base.”
Maxim Group served the financial advisor to VerifyMe.
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