9th Apr 2019 13:28
LONDON (Alliance News) - appScatter Group PLC on Tuesday announced a plan to raise GBP2.2 million to fund an acquisition.
appScatter, which provides app management and data intelligence, will be buying Airpush Inc, a Delaware-based company which works app monetisation, data sales, data security, and e-commerce.
appScatter did not give a purchase price, but said it will be issuing shares at 26.8 pence each to raise GBP2.2 million, for which it has already received commitments for GBP885,000.
As the deal is considered a reverse takeover, shares in appScatter have been suspended from trading in London.
appScatter Chief Executive Philip Marcella said: "The merging of the two companies will create a single, end to end platform for the management and monetisation of mobile apps for developers and publishers worldwide.
"Our new platform will have over 600,000 registered developers, supporting 850 million end users, reaching 250 million devices using the firmware updater, pre-installed at factory level. Together with our current data capabilities, this puts the organisation firmly at the top tier of mobile app intelligence, management and monetisation."
"Generating new revenue streams, improving data quality and increasing resources will significantly enhance the group's market position. The board firmly believes the proposed acquisition will increase value for shareholders," Marcella continued.
Shares in appScatter were untraded on Tuesday afternoon, last quoted at 17.20 pence each.
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APPS.L