Stockholders in Cybermetrix Inc., a Columbus engine-testing firm, have been notified that the Indiana Court of Appeals has upheld a $3.1 million award to them over a dispute over the company’s sale through a stock purchase agreement.
Christine Mullholand sold Cybermetrix to SGS, a Swiss company that specializes in testing and verification services that was in expansion mode, finalizing the purchase on Feb. 12, 2016, court documents state.
CyberMetrix was one of five companies acquired by the Swiss conglomerate in 2016. Fifteen other firms were purchased in 2015. The Columbus-based engine testing and inspection company was founded by Mullholand, a former Cummins engineer, in 1992.
According to court documents, the sales agreement included selling the company for $21 million plus an additional contingency that Cybermetrix stockholders could receive additional money based on the company’s 2015 and 2016 earnings. Those would be calculated depending on whether Cybermextrix’s earnings exceeded certain amounts before interest, taxes, depreciation and amortization, according to court records.
For more on this story, see Friday’s Republic.
