Zip Co (ASX:Z1P) snaps up Urge Holdings for $3 million

Company News

by Anna Napoli

Zip Co (ASX:Z1P) has bought Sydney-based technology company, Urge Holdings for $3 million.

Urge Holdings is a search and sales optimisation business that will be integrated into Zip's QuadPay application.

Zip will issue 432,516 new shares to fund the acquisition. A further $5.5 million of deferred consideration may be payable.

Separately, Zip CEO Larry Diamond has received a pay rise to $520,000 and an equity component where performance rights equivalent to $249,150 (50 per cent of his base salary) which will be granted in February 2021, subject to shareholder approval.

Shares in Zip (ASX:Z1P) are trading 0.15 per cent higher at $6.75.