When IBI Group bought Fredericton transportation software-maker HotSpot in June for its recurring revenue business, the Toronto engineering and technology company agreed to pay a total of $5.74 million, regulatory filings reveal.
IBI paid $2.76 million in cash at the close, with $2.97 million to be paid over the next three years, contingent on the HotSpot business unit meeting performance targets. Management has also earmarked another $1.47 million to continue employing HotSpot’s roughly 25-person team.
“HotSpot has a nice recurring revenue business,” said IBI Global Director of Innovation