(Alliance News) - Cello Health PLC said Wednesday it has sold its social media analytics software business Pulsar to Access Intelligence PLC for GBP4.5 million in shares.
Access Intelligence will issue to Cello 8.7 million Access Intelligence shares and a payment of GBP1. The two companies said the all-share deal recognises the "ongoing value" of Pulsar to Cello's clients.
Access Intelligence also announced it has raised GBP3.3 million through the placing of 6.3 million new shares at a price of 52.0 pence each, the same as the implied price of the issuance to Cello.
Shares in Cello Health were 2.4% higher in London on Wednesday morning at 130.0p each. Access Intelligence was 4.6% lower at 52.00p.
"Access Intelligence and Cello to continue to work in partnership where there are mutual client opportunities for Pulsar's expertise," the companies added.
Pulsar holds Fenix Media Ltd and Face US Inc. Pulsar Chief Executive Francesco D'Orazio will be issued 229,327 Access Intelligence shares as part of the deal.
Cello Health said the sale will allow it to focus on its "higher growth and higher margin" healthcare business, as well as further supporting its core Signal unit.
Cello Chief Executive Mark Scott said: "We are delighted that Pulsar can now begin the next stage in its development as a business whilst enabling Cello to focus on its core healthcare activities. We look forward to the ongoing partnership with Access Intelligence, both as a shareholder and as an ongoing user of Pulsar."
Access Intelligence said the deal is in line with its growth strategy.
Access Intelligence CEO Joanna Arnold added: "I am delighted with the acquisition of Pulsar which demonstrates our commitment to work with the best people and technology to accelerate the products and services we can offer. The Vuelio and ResponseSource products provide market leading monitoring, insight, engagement and evaluation tools that will be improved by the addition of Pulsar, which will deliver significantly improved social media capability."
By Paul McGowan; paulmcgowan@alliancenews.com
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Access Intelligence (ACC)