VerifyMe Inc., a provider of authentication and data services, has acquired the assets of PeriShip LLC, a business that organizes logistics for time and temperature-controlled shipping.
The transaction is valued at $10.5 million, with consideration being $7.5 million cash, $1 million in VerifyMe common stock an $2 million promissory note. PeriShip has approximately 400 customers with 80 percent of revenue in 2021 generated from repeat business. Upon the acquisition, combined annual revenue is projected to be over $25 million in 2023.
Patrick White, VerifyMe’s chief executive officer said, “The PeriShip, LLC acquisition is part of our long-term strategic plan. We believe it will provide a new entry point in the pharmaceutical market with authentication, serialization, and track and trace, to assist clients in meeting the 2023 Drug Supply Chain Security Act requirements.”