(Alliance News) - Kape Technologies PLC on Monday announced the acquisition of consumer privacy and security content digital platform Webselenese Ltd for USD149.1 million.
The Isle of Man-headquartered digital security software provider said the acquisition will provide it with one of the "broadest" audiences for consumer digital privacy and security, as Webselenese provides its content "to millions of users globally via market leading review sites".
Shares in Kape Technologies were up 22% at 233.53 pence in London on Monday.
Kape said its payment consists of USD116.6 million in cash and USD32.5 million in new shares, which amounts to 12.1 million Kape shares. The cash will be funded through a combination of USD32.5 million of existing cash resources and USD85 million drawn down under a USD120 million bridge facility.
"The acquisition of Webselenese is highly strategic for Kape, providing us with one of the most respected and far-reaching consumer privacy and security content businesses globally. By combining this deep level of consumer knowhow with our fast-growing product footprint, we believe the acquisition will be a force multiplier for Kape in our product development and customer reach. This significantly earnings accretive acquisition accelerates our strategic objective of becoming the go-to brand for consumer privacy and security globally," said Chief Executive Ido Erlichman.
By Zoe Wickens; zoewickens@alliancenews.com
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