Mobile Streams PLC - London-based mobile content and data intelligence firm - Reaches agreement to acquire a 49% interest in KrunchData Ltd for GBP735,000. Notes the total comprises GBP500,000 in cash and 90.4 million shares issued at 0.26 pence each, with the option to buy the remaining 51% at any time during the next two years for GBP765,000. Says as part of the transaction, the existing revenue share agreement between the two companies, under which 50% of Streams Data revenue from January 2022 were due to be paid to Krunch, will be terminated immediately.
"[The agreement] removes a significant risk by securing access to and the rights to full ownership of the Krunch platform and intellectual property, as well as removing the potential future costs of the revenue share arrangement, whilst fully aligning the interests of the Krunch team with the company. Based on the expected growth of the Streams Data business, the terms agreed are highly attractive to the company, with the aggregate initial consideration below the level of the revenue share expected to be paid to Krunch under the existing arrangements in 2022 alone," says Non-Executive Director Nigel Burton.
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By Zoe Wickens; zoewickens@alliancenews.com
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Mobile Streams (MOS)