Technology company Qoria (ASX:QOR) will acquire data analytics platform Octopus BI by buying 100% of the shares of Ayra International for AU$5 million, according to a Monday filing with the Australian Securities Exchange.

The consideration also includes up to 11.7 million performance rights, with vesting subject to Octopus BI achieving AU$8 million in annual recurring revenue within 30 months, the filing said. Completion is set to occur by Oct. 31.

Additionally, the company raised AU$30 million via the placement of 80.6 million shares priced at AU$0.372 apiece, with proceeds to be used for the acquisition and general working capital, according to the filing.

Qoria shares fell more than 2% in morning trade on Tuesday.

Price (AUD): $0.40, Change: $-0.0100, Percent Change: -2.44%