LONDON (Alliance News) - Digital marketing company Be Heard Group PLC said Monday it has conditionally agreed a reverse takeover of website and application developer MMT Ltd for up to GBP20.5 million.
As the acquisition will be subject to shareholder approval, Be Heard has requested its shares be suspended until it has published an admission document and circular convening a general meeting.
Be Heard plans to buy MMT for an initial GBP5.1 million, and a deferred consideration of up to GBP15.4 million subject to some performance criteria. This is to be satisfied 65% in cash and 35% through the issue of new shares in the company.
This will be Be Heard's second acquisition, following its purchase of Agenda21 last November.
MMT specialises in building bespoke websites and applications for clients cross a range of sectors, including education, financial services, food and drink, technology and travel.
"The acquisition of MMT Digital is our second step towards Be Heard's ambition of forging an agile, interconnected digital marketing group. MMT Digital's award-winning team devise and create first-class websites and applications, delivering exceptional digital experiences for brands. Their skills and capabilities will become an integral part of our client offering. We look forward to welcoming the MMT Digital team on board and working closely with them as we build the Be Heard group," said Executive Chairman Peter Scott in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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