Tempo, an affiliated company of Origo today announced the acquisition of ALM Works, Inc. (“ALM Works”), based in Newton, Massachusetts.
ALM Works is a project and program management software that helps development organizations make better decisions, work more efficiently, and deliver predictable results.
Annual recurring revenue of the business is approximately USD $23 million and EBITDA margins above 20%.
The acquisition is financed through Tempo shareholders, third party debt and the issuance of new shares. Origo hf ownership in Tempo will be approximately 41% after the acquisition.
Further information is in the attached press release from Tempo.