Data#3 Limited (ASX:DTL) has finalised its investment in WiFi analytics company Discovery Potential. The IT services company secured an option to invest in and potentially acquire Discovery Potential last month.
Six weeks later Data#3 says it has now exercised its option to acquire a 42.5 per cent stake in the company for $1.5 million and provide $1 million in working capital.
As part of the deal Data#3 has an option to acquire an extra 14.2 per cent on the same terms by the end of the 2015 financial year.
The company also has another option to acquire the balance of share in the company at market price by the end of the 2017 financial year.
Managing Director John Grant says the investment offers the company the opportunity to be at the forefront of the growing Wi-Fi sector and aligns with its strategy.
Data#3 reported a net profit of $2.6 million in the first half of the 2014 financial year.