07:25 AM EST, 12/02/2024 (MT Newswires) -- Alithya Group ( ALYAF ) said Monday that it is acquiring XRM Vision in a deal valued at up to $35 million in cash and class A subordinate voting shares.

The deal also includes a potential earnout of up to $12 million, contingent upon the future financial performance of the acquired business over a consecutive 12-month period within the 18 months following closing.

XRM Vision, which specializes in customer relationship management and project portfolio management, operates in Canada and Morocco. Alithya ( ALYAF ) said the transaction supports its strategy to focus on financial services and insurance, manufacturing, healthcare and public sector.

"This acquisition is aligned with our strategic plan to find niche companies focused on higher value and complementary services for our clients," said Paul Raymond, Althea's president and CEO. "The integration of XRM Vision complements our commitment to asset-based solutions within our core industry verticals, reinforcing our focus on smart shoring capabilities."

Alithya's ( ALYAF ) share price fell lost 3.6% last Friday to $1.61 on the TSX.