TIDMIMO
RNS Number : 3466T
IMImobile PLC
03 July 2018
3 July 2018
IMImobile PLC
("IMImobile" or the "Company" or the "Group")
Cloud communications software specialist IMImobile to acquire
Impact Mobile
London, 3 July 2018 - IMImobile PLC, a global cloud
communications software and solutions provider, is pleased to
announce it has agreed to acquire Impact Mobile Inc. ("Impact
Mobile"), Canada's leading provider of end-to-end mobile engagement
solutions from Dealnet Capital Corporation, a Canadian listed
consumer finance company (the "Acquisition"). The Acquisition is
highly complementary to IMImobile's product set and customer base
and is expected to be immediately significantly earnings enhancing
for the Group. Impact Mobile's existing reach into the US market is
also highly appealing and the Acquisition provides further
opportunity to strengthen the Group's position in this market.
Highlights
-- Impact Mobile provides a full range of software solutions and
services to mobile operators, retailers, SMS aggregators,
government agencies and major household brands across Canada and
the United States.
-- In addition to a comprehensive range of mobile solutions,
Impact Mobile's JumpTXT platform adds significant value to clients
by helping them to meet regulatory compliance requirements,
providing mobile engagement capabilities and supplying carrier
grade messaging infrastructure.
-- Initial cash consideration of C$25 million (GBP14.4 million)
payable in full on completion, and deferred cash consideration of
C$2.5 million (GBP1.4 million) payable in full six months after
completion. The Acquisition will be funded from the Company's
existing cash resources and a committed GBP10 million term loan
facility from Silicon Valley Bank.
-- The Acquisition is expected to be immediately significantly
earnings enhancing with a positive impact on Group earnings for the
year ending 31 March 2019.
-- Impact Mobile's customer and product portfolio is highly
complementary to IMImobile's existing products and solutions,
providing significant cross-sell and up-sell opportunities.
Commenting on the Acquisition Jay Patel, Chief Executive Officer
of IMImobile said:
"We are delighted with the acquisition of Impact Mobile. As with
our previous acquisitions, this combination allows us to extend the
distribution of our software into an established and growing
customer base.
We look forward to working with the experienced Impact Mobile
team and expanding our footprint across North America."
Background to and reasons for the Acquisition
Impact Mobile meets IMImobile's consistent and disciplined
acquisition criteria. It has long-standing, established
relationships with mobile operators, government organisations and
enterprise customers across North America, and holds a market
leading position in Canada. The diversified revenue profile, as
well as high levels of customer retention, are also attractive.
The Acquisition will also strengthen IMImobile's North American
management team with the Impact Mobile team being retained within
the business to oversee the integration and delivery of future
growth initiatives. The Impact Mobile JumpTXT platform will be
integrated into IMImobile's core cloud infrastructure with expected
operational benefits.
Impact Mobile is headquartered in Toronto, with an additional
office in New York, employing 22 people. In the year ended 31
December 2017, Impact Mobile reported a turnover of C$10.6 million
(GBP6.1 million), gross profit of C$7.6 million (GBP4.4 million)
and adjusted EBITDA of C$4.0 million (GBP2.3 million). Impact
Mobile is expected to have net assets of C$1.6 million (GBP0.9
million) at completion.
Terms of the Acquisition
Initial cash consideration of C$25 million (GBP14.4 million)
payable in full on completion, and deferred cash consideration of
C$2.5 million (GBP1.4 million) payable in full six months after
completion. The Acquisition will be funded from the Company's
existing cash resources and a committed GBP10 million term loan
facility from Silicon Valley Bank.
IMImobile and Dealnet Capital Corporation have signed a share
purchase agreement for the sale of Impact Mobile, and anticipate
closing the transaction within 10 days.
The exchange rate of GBP1 to C$1.733 has been used.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR")
About IMImobile PLC
IMImobile is a cloud communications software and solutions
provider that enables companies to use mobile and digital
technologies to improve customer experience and engagement.
IMImobile's cloud software platform manage overs 42 billion
messages and 44 billion commerce transactions a year across the
world. Organisations that trust us to deliver smarter digital
customer engagement include Centrica, AA, O2, EE, BT, Foxtons,
Pizza Hut, Vodafone, AT&T, MTN, three of the major retail banks
in the UK and public sector organisations in India, US and the
UK.
IMImobile is headquartered in London with offices in Hyderabad,
Atlanta, Dubai and Johannesburg and has over 1,000 employees
worldwide. IMImobile is quoted on the London Stock Exchange's AIM
market with the TIDM code IMO.
About Impact Mobile
Founded in 2003, Impact Mobile has over 12 years mobile
experience in the technology sector. As pioneers of the industry,
the Impact Mobile team ran the first cross-carrier shortcode
campaign in North America and has continued developing its
innovative mobile-first solutions ever since. Impact Mobile has
offices in several locations across North America including New
York, Toronto and Montreal. The business has been featured in
Deloitte's list of fastest growing technology companies for six
years.
For further information, please contact:
IMImobile PLC c/o Redleaf Communications
Jay Patel, Chief Executive Officer Tel: +44 (0)20 7382 4769
Mike Jefferies, Chief Financial Officer
Redleaf Communications - PR adviser Tel: +44 (0)20 3757 6881
Charlie Geller imimobile@redleafpr.com
Bob Huxford
Investec Bank - Nominated Adviser and Broker Tel: +44 (0)207 597 5970
Henry Reast
Andrew Pinder
Whitman Howard - Broker Tel: +44 (0) 207 659 1234
Ranald McGregor-Smith
Francis North
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END
ACQLFFLVDTIFIIT
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July 03, 2018 02:00 ET (06:00 GMT)
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