News and Announcements
Crowd Mobile Expands Globally in High Growth m-Payments
- Published June 11, 2015 10:49AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
10th June 2015
- Crowd Mobile has entered into a Heads of Agreement (HOA) to acquire Netherlands based company Track Concepts
- Track Concepts has a high value m-Payments network and industry leading technology platform
- Acquisition expands Crowd Mobile’s global footprint – Track Concepts operates in 38 countries across more than 140 mobile carriers
- Track Concepts generated revenue of AUD$24.5m (€17.2m) and EBITDA of AUD$13m (€9m) in CY2014
Crowd Mobile Limited (ASX: CM8 / FWB-XETRA: CM3) (Crowd Mobile) is pleased to announce that it has entered into a Heads of Agreement (HOA) with Netherlands based company Track Holdings BV (Track Concepts), to acquire 100% of its shares for AUD $26.7m (€18.7m) plus Net Tangible Assets (NTA) expected to be circa AUD$5m (€3.5m) plus an earn-out to a maximum of AUD$6.7m (€4.7m).
The transaction is subject to Due Diligence, Execution of a Share Purchase Agreement (SPA) and Funding. It is expected that the transaction will be funded by a combination of equity, debt and convertible note and it’s expected to be completed by August 2015.
Track Concepts owns specialist technologies in m-Payments and an industry leading customer acquisition platform. Its global content distribution network operates in 38 countries within Europe, Central/Latin America, Asia-Pacific and Africa and has connections with over 140 mobile carriers.
Commenting on the agreement, Crowd Mobile Chief Executive Officer Domenic Carosa said:
“This is a game changing acquisition for Crowd Mobile. The strategic benefits we see from the transaction are significant.”
“This is a unique opportunity to bring together Track Concept’s high value m-Payments network with Crowd Mobile’s existing m-Payments network to create one of the leading global platforms in the high growth mobile payments industry. This acquisition will see Crowd Mobile add a network that connects over 140 telecommunication companies globally providing secure and seamless electronic m-Payment transactions for customers.”
“In addition to m-Payments, Track Concepts also has an industry leading technology platform that acquires, retains and manages customers. Its Global Content Distribution provides mobile content, entertainment and apps to millions of consumers worldwide.”
To read the full documents, please click on the links below.
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