16th Nov 2022 16:26
(Alliance News) - Eagle Eye Solutions Group PLC on Wednesday said it has agreed terms for the acquisition of Untie Nots and its subsidiaries for an initial consideration of EUR15.0 million.
The London-based marketing solutions provider's initial payment initial payment will be made through EUR9.1 million in cash and EUR5.9 million in new shares of Eagle Eye.
An additional "performance-linked earn-out" consideration of EUR23.8 million is also payable to Untie Nots' selling shareholders.
Paris-based Unite Nots provides retailers with AI powered promotion and gamification software-as-a-service. Its revenue grew to EUR3.0 million in 2021 from EUR1.6 million in 2020, and its loss in earnings before interest, taxes, depreciation, and amortisation narrowed from to EUR403.0 million from EUR923.0 million year-on-year.
To help fund the acquisition, Eagle Eye placed 1.3 million ordinary shares at 555.0 pence per share, raising GBP7.0 million.
Eagle Eye shares were down 1.6% to 568.1p on Wednesday afternoon in London.
Chief Executive Officer Tim Mason said: "The acquisition of Untie Nots will provide us with accelerated entry into the French digital promotions market, bring some of Europe's largest grocers into the Group and add to our growing roster of US clients, providing a wealth of cross-sale opportunities. At a time when retailers are accelerating their digital promotions activities to retain and grow their customer bases, we believe Untie Nots' gamification technology will resonate across our customer base and pipeline."
By Jaskeet Briah; [email protected]
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