LONDON (Alliance News) - Digital entertainment technology company Amino Technologies PLC Wednesday said it has acquired Booxmedia Oy for an initial consideration of EUR7.9 million, a move that adds a cloud-based platform to its portfolio and that it expects to expand its addressable market to include mobile operators, media companies and broadcasters.
The initial consideration will be covered by EUR7.2 million in cash and EUR0.7 million in Amino shares, which will be priced based on the average middle market price on the five days prior to the second business day before completion of the deal. An additional EUR2.6 million will be paid based on Booxmedia hitting revenue targets through to 2017.
Booxmedia generated earnings before interest and tax of EUR0.2 million in 2014, on revenue of EUR1.4 million.
"This important acquisition is closely aligned with our stated strategy and vision of the future of entertainment and the major industry shift towards TV viewing anytime, anyplace, anywhere," said Amino Chief Executive Donald McGarva.
Amino shares were untraded on Wednesday, having last traded at 130.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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