1st Jul 2015 07:54
LONDON (Alliance News) - Artilium PLC Wednesday said it has bought, through its subsidiary United Telecom NV, Belgian telecom operator Talking Sense for a maximum total consideration of EUR750,000.
The telecommunucation software and solutions provider said that the acquisition cost comprises an initial consideration of EUR80,000 which is being satisfied through the issue of 939,243 new shares, and a deferred consideration of up to EUR670,000 to be split over two years, which is based on certain specific financial performance targets being achieved by Talking Sense in 2016 and 2017. The deferred consideration will also be satisfied through the issue of new shares.
Talking Sense is a 'voice over internet protocol' telecom operator which allows customers to make free, or very low cost, telephone calls over the internet. Artilium said the acquisition will allow for the capture of synergies with its recently-acquired SpeakUp business, which is also a VoIP provider, as well as providing United Telecom with a larger customer base.
In 2014, Talking Sense generated a revenue of EUR67,245 and an operating loss of EUR37,487. Its net asset value was EUR57,092.
"With the acquisition of Talking Sense we are adding further growth momentum to our retail business. Our ambition to significantly grow in the business market in the key growth areas of Fixed-Mobile integration and VoIP are bolstered by this," Artilium Chief Executive Bart Weijermars said in a statement.
Shares in Artilium were untraded Wednesday morning, last trading at 6.25 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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