9th May 2016 06:44
LONDON (Alliance News) - Mobile payments company Bango PLC on Monday said it has agreed a cash-and-shares takeover of US-based carrier billing services provider BilltoMobile from Danal Inc.
Bango will acquire BilltoMobile for USD3.5 million, comprising USD3.0 million in cash and USD500,000 in Bango shares, which will be issued at 60.00 pence per share. Bango shares closed at 48.00p on Friday.
Bango said the acquisition will add around USD80.0 million of end-user spend to its books, based on BilltoMobile's results for 2015. The deal also will give app stores and US-based merchants access to Bango's Boost technology, boosting Bango's presence in the US market.
"Bango has worked with BilltoMobile as the leading provider of carrier billing in the US for five years. It is exciting to combine powerful Bango technology with BilltoMobile's high quality service offerings for US merchants and its trusted operator relationships. This development creates a significant additional growth opportunity for Bango and its app store partners," said Bango Chief Executive Ray Anderson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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