Genetic Technologies on Thursday announced it has completed the acquisition of AffinityDNA’s direct-to-consumer e-commerce business, as well as the distribution rights for the business.
Under the terms of the agreement, Genetic Technologies has acquired all of AffinityDNA's assets including websites, brand identities, laboratory testing, and distribution agreements.
Genetic Technologies had announced in May that it would acquire the assets for a cash consideration of 555,000 pounds (then $683,982), with a 50% payment on completion and, subject to financial performance, 50% one year from the completion date.
It is the second acquisition by Genetic Technologies in 12 months as part of its planned expansion into the direct-to-consumer market; the company acquired EasyDNA in August 2021.
Genetic Technologies has started onboarding the AffinityDNA team based in the U.K.; the firm said that it will retain key management executives in consulting roles. No changes will be made to the Genetic Technologies board and key management personnel, the company said.