LONDON (Alliance News) - Globo PLC said Thursday that it had acquired the business and assets of mobile technology company, Notify Technologies Incorporated, for a cash consideration of USD5 million.
Globo is a telecom software products company, it will acquire assets of USD0.35 million and liabilities of USD3.1 million from Notify, including USD2 million of deferred revenues. Globo will also acquire 60 employees which it will transfer to its US subsidiaries.
Notify's unaudited international financial reporting standards revenues were USD6.1 million and earnings before interest, tax, depreciation and amortisation were USD1.6 million in 2012. Globo expects the acquisition to be earnings enhancing in its first full-year.
"The acquisition of Notify significantly strengthens Globo's competitive position to address the bring your own device trend and accelerate growth in the US and elsewhere, as well as adding to our rapidly growing customer and revenue base," said Chief Executive Officer, Costis Papadimitrakopoulos, in a statement.
Shares in Globo were trading up 0.75 pence at 78.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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