7th Aug 2019 11:32
(Alliance News) - Internet domain seller CentralNic Group PLC said Wednesday it has acquired New Zealand peer Ideegeo Group Ltd for USD3.4 million.
CentralNic will buy Ideegeo for NZD5.2 million - or USD3.4 million - of which NZD520,000 is a deferred payment.
For the year ended March, Ideegeo generated NZD900,000 earnings before interest, taxes, depreciation & amortisation from NZD6.2 million in revenue. In 2018, CentralNic generated GBP7.0 million adjusted Ebitda on revenue of GBP42.7 million.
CentralNic explained Ideegeo was one of the largest customers of Hexonet, which CentralNic recently acquired for EUR10.0 million. The buy is, therefore, expected to results in operational cost savings as well as providing an "important" revenue stream for the firm.
"The acquisition of Ideegeo adds more to CentralNic's retail group than additional earnings, customers and synergies," Centralnic Chief Executive Ben Crawford said.
"Its leading user interface and customer engagement solutions, and the team that created them, represent a further differentiator for CentralNic's global retail business from the competition to support our organic growth.
Shares in CentralNic were 1.1% lower at 57.88 pence in London on Wednesday.
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CNIC.L