zen to snty24 Apr 2013 18:03
Zenergy will acquire Synety for £1.07 million predominately in shares, with Mark Seeman and Graham Ward, both directors and shareholders of Synety, joining as chief executive and non-executive director.
A deferred consideration of up to of 741,000 new shares will be payable if Synety reaches certain sales targets.
Synety operates a cloud- based communications service called CloudCall. It gives organisations the ability to make, receive and record telephone calls from existing software such as email clients, web browsers, smartphones and CRM/ERP platforms.
The strategy will be to partner with other software companies, which will add CloudCall to their respective customer bases and reduce the cost of acquiring customers. Synety said it believe its technology has first-mover advantage in the telephone segment of the CRM software market.
Simon Cleaver, Zenergy’s executive chairman, said it has been looking at new opportunities to take the company in fundamentally different and profitable direction.
He added he was delighted with the deal with Synety, which he said was a leading edge technology company that operates in a software segment with proven growth characteristics.
“The vast majority of CRM providers have inbuilt functionality to send, receive and record e-mail activity, but only a very limited number have similar functionality when it comes to telephone communication, which is where we see the potential in Synety."
Cloudcall was launched in January and management information indicates sales of £59,000 and a loss before tax of £151,000 for the 4 months ended 31 July.
Zenergy became a cash shell in July when it sold the assets of subsidiary Zenergy Power Inc together with the entire share capital of Zenergy Power Pty Ltd to Applied Superconductor Limited for $400,001 plus sales royalties for the next six years.
It proposing a 1 for 20 share consolidation and a name change to Synety Group on admission of the new shares to AIM.
Shares eased 0.38 pence to 3 pence.