LONDON (ShareCast) - (Sharecast News) - Technology provider Pebble Group has acquired certain software assets from US software developer CoreXpand for a total cash consideration of $5.3m.

Pebble said on Friday that the acquisition would be funded through cash flow generated by Facilisgroup, with $1.8m of this deferred and payable over the next 18 months.

In addition to the consideration, up to $2.0m of in-house development time was expected to be capitalised in 2021 evolving the acquired assets, expanding their capabilities and building the back-office element of the complex inventory online stores.

The AIM-listed group said the resultant product offering was expected to begin generating revenue by the end of the first half of 2021, with a full suite of product capabilities expected to be in market at the beginning of 2022.

Pebble said: "The acquisition will expand the services offered by Facilisgroup through its e-commerce platform via another robust technology solution, allowing for the easy development of e-stores ranging from online pop-up shops through to complex inventoried online stores for its existing and potential partners.

"The board believes that the addition of such technology has the potential to significantly expand the subscription services utilised by existing Partners plus support the attraction of new Partners to the Facilisgroup platform."

In terms of recent trading, Pebble added that it had continued to trade "positively" and in line with current market expectations for 2020.

As of 1000 GMT, Pebble shares were down 1.82% at 108.0p.

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