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Benchmark snaps up data tech partner

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Benchmark, the aquaculture health, advanced nutrition and genetics business, has agreed to acquire the data technology provider Videntis in a deal that could be worth up to £300,000.

Videntis was founded in 2013 and produces technology that enables fish farmers to have real-time data and feedback on feed efficiency, welfare and product quality. The Norwegian firm has collaborated with Benchmark on the development of management systems for its fish veterinary laboratories and of "i-wise", a new health portal which allows vets, fish health companies and producers to visualise and interpret information on production and health across their sites. The portal is currently operational in Norway and Scotland, and will be operational in Chile in 2019.

Malcolm Pye, chief executive of Benchmark said: “We have worked with Videntis for a number of years. Videntis' IP and expertise support our strategy of combining biology and technology to benefit our customers. Data technology is an increasingly important tool to maximise yield and to manage biological challenges. Combined with Benchmark's products it allows us to offer an integrated solution to our clients".

The initial consideration of £150,000 is to be satisfied by the issue of 246,700 ordinary shares to Videntis AS. Further consideration of up to £150,000 in Benchmark shares will be payable, pursuant to an earn-out over the period from completion to 30 September 2020 if certain net profit targets are met.