Pharmacy software developer Corum Group Limited to issue shares to BAMM Group Administration Pty Limited.
Listed pharmacy software specialist Corum Group Limited has just announced the completion of negotiations relating to a “technology co-development” with BAMM Group Administration Pty Limited, whose directors are Assad Karem and Feras Karem, the owners of the Pharmacy4Less group.
Under the deal Corum will issue about 63 million shares – equivalent to a quarter of its current share capital – in connection with the development of software solutions for multi-store management and in-store retail operations.
Corum is progressing with a cloud-based Head Office solution as part of the Corum Clear suite of pharmacy software products.
“Corum has entered into this agreement to accelerate the project and access additional intellectual property and expertise to complement Corum’s retail and enterprise software road map,” the company said.
Experience and know-how applied from Corum’s RPM Head office application will be used to create the company’s first major SaaS (Software as a Service) platform, using standard APIs to create an open software environment to encourage partnering opportunities.
Corum Clear Head Office is being developed in two stages, both of which will be released during next year.
The shares will be issued to BAMM Group Administration upon the satisfactory completion of agreed milestones. Corum will contribute financially to software development costs, and has also agreed to appoint an additional director to the company.
The deal is subject to shareholder approval, which will be sought at the upcoming 2019 Annual General Meeting.
More details in tomorrow’s issue of Pharmacy Daily.
