Ricardo plc (LSE:RCDO) acquired 90% stake in Aither Pty Ltd from founders and co-directors Chris Olszak and Will Fargher on March 10, 2023. Under the terms of the agreement, cash consideration of up to £17 million of which £9.6 million was paid on completion. The deferred consideration is based upon the achievement of certain performance targets for the 10 months ended 31 December 2023 and the retention of the former owners of the business. In its draft unaudited accounts for the year ended 30 June 2022, Aither reported net assets of £0.8 million and revenues of £5.8 million. DLA Piper LLP (US) acted as legal advisor to Aither Pty Ltd and Davidson, Campbell, Eddy Goldsmith, Emma Connolly, Nicola Martin, Elisa Blakers of Squire Patton Boggs acted as legal advisor to Ricardo Australia Pty Ltd and Ricardo plc.

Ricardo plc (LSE:RCDO) completed the acquisition of 90% stake in Aither Pty Ltd from founders and co-directors Chris Olszak and Will Fargher on March 10, 2023.