LONDON (Alliance News) - Cloud based telephony company Coms PLC said Friday that it will acquire certain subsidiaries of Actimax Acquisitions Ltd for a total of GBP2.4 million.
Coms also announced that it had raised GBP8.3 million through the placing of 138.3 million shares at a price of 6 pence, partly to fund the acquisition.
Actimax, a Basildon-based network, communications and data services provider, saw revenues of GBP10.5 million in the year ended December 31. It saw losses before tax of around GBP760,000.
Coms said that it believes it would see benefits of around GBP3 million per year in the medium term by integrating Actimax's infrastructure.
Coms will acquire Actimax's subsidiaries for an initial consideration of GBP2.4 million. A further consideration of GBP1 million is payable 13 months after conditional on the achievement of a minimum GBP7.6 million in revenues in the 12 months following acquisition.
Shares in Coms closed up 15% at 9.52 pence each Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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