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Kape Technologies Shares Surge Following LTMI Holdings Purchase

Tue, 19th Nov 2019 12:10

(Alliance News) - Kape Technologies PLC on Tuesday proposed an acquisition of US-based digital privacy company LTMI Holdings for USD95.5 million.

Kape shares were trading 34% higher in London on Tuesday midday at 103.00 pence each.

The consumer security software company said it will also buy LTMI's suite of digital privacy products as part of the acquisition.

The acquisition, which Kape expects to be immediately earnings enhancing, represents a "significant step-change" in the company's development, it said.

Kape will buy LTMI from its co-founders and shareholders Andrew Lee and Steve DeProspero, paying USD52.9 million in cash and the reminder in the 42.7 million Kape shares.

On completion, Kape will also repay LTMI's existing debt of approximately USD32.1 million, resulting in a total enterprise value for LTMI of USD127.6 million.

"This transaction will be transformational for our business, enabling Kape to aggressively expand our footprint in North America, broaden our product offering, further strengthen our recurring revenue base and, gain access to an extremely rich pool of talent," said Kape Chief Executive Ido Erlichman.

"In one acquisition, I believe we have positioned Kape to fast become one of the leading digital privacy service providers in the world, empowering consumers to manage their own data and digital security," added Erlichman.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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