DENVER, April 6, 2021 /PRNewswire/ -- Akerna
(Nasdaq: KERN) ("Akerna" or the "Company"), an enterprise software
company, leading compliance technology provider, and developer of
the cannabis industry's first seed-to-sale enterprise resource
planning (ERP) software technology (MJ Platform®), today
announces it has closed the acquisition of Viridian Sciences, a
cannabis business management software system built on SAP Business
One. The all-stock deal is accretive to revenue and earnings and is
expected to contribute cost synergies.
Through this acquisition, Akerna provides the only cannabis
solutions offering SAP Business One
"We are pleased to officially welcome the Viridian team to the
Akerna family. By leveraging our tech synergies, we solidify our
ecosystem offering the first and only true ERP software solution
specifically built for the cannabis industry," said Akerna Chief
Executive Officer Jessica
Billingsley. "Leading enterprise organizations across
industries choose SAP Business One for its ability to automate key
financial business functions. By combining Viridian's financial
integrations with Akerna's compliance and regulatory solutions, we
continue to strengthen our channel connections with existing ERP
providers for the cannabis businesses of today and the
post-legalized world."
Akerna's 80+ integrations and broader compliance solution will
now have access to various world-class accounting solutions for
integrated financials and tax planning, suitable for start-up
brands through enterprise-level, multi-state operators (MSOs).
Through this acquisition, Akerna provides the only cannabis
solutions offering SAP Business One, solidifying its position as
the cannabis industry's only scaled technology provider, enabling
compliance, regulation, and taxation.
As a result of the acquisition, Viridian's 30+ clients will gain
access to Akerna's:
- Compliance Gateway
- Feature-rich reporting
- MJ Platform and MJ Retail Point of Sale Solutions
A.G.P./Alliance Global Partners acted as financial advisor, and
Dorsey & Whitney LLP acted as legal counsel to Akerna.
Solganick & Co. acted as the exclusive financial advisor, and
Ballard Spahr LLP acted as legal counsel to Viridian Sciences.
About Akerna
Akerna (Nasdaq: KERN) is an enterprise software company focused
on compliantly serving the cannabis, hemp, and CBD industries.
Based in Denver, Colorado, the
Company's mission is to create the world's most transparent and
accountable supply chain by building a cannabis technology
ecosystem connecting data points across the global cannabis supply
chain from seed to sale to self. First launched in 2010, Akerna has
tracked more than $20 billion in
cannabis sales to date and is the first cannabis software Company
listed on Nasdaq.
Using connected data and information to propel the cannabis
industry forward, Akerna empowers businesses, governments,
patients, and consumers to make smart decisions. The Company's
cornerstone technology, MJ Platform, the world's leading
infrastructure as a service platform, powers retailers,
manufacturers, brands, distributors, and cultivators. Akerna also
offers a complete suite of professional consulting services and
data analytics for businesses as well as solo sciences, MJ Freeway,
Leaf Data Systems, Trellis, and Ample Organics.
For more information, visit https://www.akerna.com/.
About Viridian Sciences
Viridian Sciences is a fully integrated cannabis business
management software system built on SAP Business One. Along
with its venerable SAP Business One ERP core, its dedicated team of
technology, business, and cannabis industry experts have become the
trusted partner to many of the premier cannabis companies.
For more information, visit
https://www.viridiansciences.com/
Forward-Looking Statements
Certain statements made in this release and any accompanying
statements by management are "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. Such forward-looking statements include
but are not limited to statements regarding the potential deal
being accretive to revenue and earnings and the expectation it will
contribute cost synergies, Akerna bringing additional value to the
SAP Business One offering, the ability of Akerna to integrate
Viridian, the impact of the acquistion for Viridian's customers,
Akerna's future business plans, Akerna's potential business
strengths in the market and any other statements expressing the
views of Akerna's management on future business results or
strategy. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
significant known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside Akerna's
control, that could cause actual results or outcomes (including,
without limitation, the results of Akerna's contracts, strategic
initiatives, and business plans as described herein) to differ
materially from those discussed in the forward-looking statements.
Important factors, among others that may affect actual results or
outcomes, include (i) Akerna's ability to recognize the anticipated
benefits of being a public company, (ii) competition, (iii)
Akerna's ability to grow and manage growth profitably, (iv)
Akerna's ability to maintain relationships with customers and
suppliers and retain its management and key employees, (v) costs
related to being a public company, (vi) changes in applicable laws
or regulations, (vii) Akerna's ability to identify, complete and
integrate acquisitions, including Viridian, and achieve expected
synergies and operating efficiencies in connection with acquired
businesses, (viii) and other risks and uncertainties disclosed from
time to time in Akerna's filings with the U.S. Securities and
Exchange Commission, including those under "Risk Factors" therein.
Actual results, performance, or achievements may differ materially,
and potentially adversely, from any projections and forward-looking
statements and the assumptions on which those vary from
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial and other information, are based on estimates
and assumptions that are inherently subject to various significant
risks, uncertainties and other factors, many of which are beyond
Akerna's control. All information herein speaks only as of the date
hereof, in the case of information about Akerna, or the date of
such information, in the case of information from persons other
than Akerna. Akerna undertakes no duty to update or revise the
information contained herein. Forecasts and estimates regarding
Akerna's industry and end markets are based on sources believed to
be reliable; however, there can be no assurance these forecasts and
estimates will prove accurate in whole or in part.
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SOURCE Akerna