10th Nov 2014 09:11
LONDON (Alliance News) - Accesso Technology Group PLC said Monday it has acquired software-as-a-service company VisionOne Worldwide Ltd and its Brazilian and Mexican subsidiaries for a total of USD33.0 million, in cash and shares.
Accesso will pay a total of USD19.8 million in cash, and issue 1.4 million news shares in Accesso, equivalent to 6.6% of its enlarged issued share capital. Under the terms of the deal the company will have an option to buy VisionOne's trading businesses in Argentina and Chile within two years at an agreed multiple of earnings, with a right of first refusal.
VisionOne owns and operates an online ticketing sales and distribution platform called ShoWare, which Accesso says was the first ticketing solution to enable ticket sales via social media network Facebook.
Accesso believes the acquisition will accelerate its growth and development, and that the trading businesses it will acquire as part of the deal will compliment its Passport ticketing software suite.
The acquisition is expected to add a "significant, repeatable and profitable" annual revenue stream, and to add to earnings immediately upon completion, Accesso said.
"Today's acquisition will further extend our reach outside of theme parks and deeper into the leisure sector, as well as permit both our teams to chase revenue and customer opportunities that, alone, would not be open to us," said Chief Executive Tom Burnet in a statement.
Shares in Accesso are trading up 2.7% at 620.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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