Evergreen Corporation and Forekast Limited Announce Definitive Business Combination Agreement

[09-05-2024] Evergreen Corporation, a special purpose acquisition company ("EVGR"), today announced that they have entered into a definitive agreement and plan of merger under which EVGR will merge with Forekast Limited. Following the closing, the combined company will operate as Forekast Group.

Forekast is a technology managed services provider specializing in augmented intelligence, integrating AI-driven insights to enhance business operations, customer experiences, and workforce capabilities. Forekast has a proven consistent track record with strong double-digit growth in revenue and profits, with a CAGR of more than 20% over the last 5 years.

This strategic merger aims to accelerate Forekast's growth, expand its reach into new markets, and enhance its technology managed services offerings, positioning the company to meet the increasing demand for technology managed services and AI-powered solutions across industries.

Under the terms of the Business Combination Agreement, the transaction values Forekast at an enterprise value of $105 million. Upon completion of the transactions outlined in the Business Combination Agreement, any funds left in EVGR's trust account following redemptions will be directed towards enhancing research and development, expanding marketing efforts, entering new markets, acquiring top talent, and exploring potential strategic acquisitions. These initiatives aim to drive Forekast's continued growth.