Leading intellectual property (IP) services group IPH (ASX: IPH) has reached a deal to acquire Canada-based firm Ridout & Maybee for CAD$65 million ($74 million), building on the momentum of another Canadian company acquired in October that contributed to a 23 per cent lift in profit.
Ridout & Maybee will form part of Smart & Biggar, which IPH bought for CAD$282 million ($320.4 million) and contributed $31.4 million in underlying EBITDA for the nine months of FY23 that it was part of the IPH group.
This means the Canadian subsidiary now accounts for almost one fifth of total underlying earnings at the company, with success to date that also allowed it to achieve the maximum cap of earn-out entitlements of CAD$66 million ($76 million) in new IPH shares for the vendors.
Toronto-headquartered Ridout & Maybee was founded in 1893 and today has 30 intellectual property staff across three offices, with the company filing more than 2,800 patents and 1,000 trademarks for its clients last year.
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