StockMarketWire.com - Environmental technology group Halma said it had acquired US-based NovaBone, a designer and manufacturer of bone graft products, for an initial $97m. The company also acquired a 70% stake in Australia-based FireMate for up to A$18.2m.

NovaBone's products, used to accelerate bone regeneration primarily for orthopaedic and dental surgical procedures in the US, would become part of Halma's medical sector.

NovaBone's management team, who were significant shareholders, would continue to lead the business from its current location.

Halma agreed to pay additional earn-out considerations in cash to NovaBone, dependent on profit growth in each of the two financial years to March 2022, up to an aggregate maximum of US$40m, with a maximum of US$25m achievable in any single financial year.

FireMate, a provider of cloud-based fire protection maintenance software to fire contractors, would form part of the group's infrastructure safety sector and continue to be led by its current management team.

Halma also had an option to purchase the remaining 30% of FireMate, exercisable in the six months from 31 March 2025.

'These businesses are exciting additions to Halma, bringing new technologies and market niches to two of our sectors and are highly aligned to our purpose,' chief executive Andrew Williams said.

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