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(Alliance News) - Boku Inc on Monday confirmed its final acquisition consideration for Danal Inc is USD25.1 million.
The AIM-listed mobile payments platform announced the acquisition of US mobile identity and authentication system provider Danal in December 2018. At the time, the company said it would pay the initial cash consideration of USD30 million and up to USD64 million in deferred consideration depending on Danal's performance. Under the terms, no deferred consideration will be payable if Danal's revenue for 2019 is below USD10 million.
On Monday, Boku said it has issued 2.7 million shares to Danal shareholders following the release of shares that were subject to holdback for 12 months. As a result, Boku issued a total of 26.7 million shares and 1.6 million warrants - exercisable for five years at a price of GBP1.41 each - to Danal shareholders.
Following the admission, Boku will have 255.1 million shares overall.
The total purchase price for the acquisition of Danal has now therefore been finalised at USD25.1 million, Boku said.
"The acquisition of Danal brought Boku a strong US-focused mobile identity business with an established platform, a great customer base - including many global brands - and a team of experienced identity professionals," said Boku Chief Executive Jon Prideaux.
Boku shares were trading 0.9% lower on Monday in London at 85.25 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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