Light Science Technologies Holdings PLC on Wednesday said it has acquired Tomtech UK Ltd for a total staged cash payment of £500,000.

Light Science shares were up 24% to 2.80 pence each on Wednesday afternoon in London.

The Derby, England-based plant monitoring solutions developer said it will pay an initial £75,000, with the payments of the remaining £425,000 being deferred over the coming 30 months.

£75,000 is to be paid after 6, 12, 18 and 24 months, with a final payment of £125,000 at 30 months.

Tomtech is a Lincolnshire, England-based commercial greenhouse and polytunnel monitoring and control system designer and manufacturer. It has 160 live customers, which include commercial growers, universities and public authorities.

It recorded pretax profit of about £79,000 on about £680,000 in sales in 2022.

Light Science said the acquisition, and the addition of Tomtech’s product range, will expand its market reach and cross-selling capabilities, and allow it to ‘take advantage of growing demand for AI in control systems’.

Light Science Chief Executive Simon Deacon said: ‘Acquiring Tomtech enhances our ability as a group to take our products worldwide, offering a full range of products, which sets us apart from our competitors in this very important time for the [controlled environment agriculture] market where we are seeing extreme weather patterns worldwide affecting our food security.

‘Bringing Tomtech into the group will further strengthen our position. The team’s added understanding of the requirements of growers in all areas of the Industry from glasshouses and polytunnels to hybrid growing environments in vertical growing, will be a big asset to the enlarged group.’

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