Qoria has made a small strategic acquisition of OctopusBI (OBI), a data analytics provider, for $5M. Qoria raised $30M (pre costs) to fund the purchase and bolster the balance sheet. Our valuation increases from $0.40 to $0.42, however we remove the 25% takeover premium we introduced post the K1 bid in April. While acknowledging Qoria remains a likely target, we downgrade to HOLD (prior BUY) on valuation grounds.
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