24th Jul 2019 10:34
(Alliance News) - Cloud communications software firm IMImobile PLC is to raise funds for the USD53 million acquisition of a US cloud-based customer engagement platform provider.
IMImobile is buying 3CInteractive Corp for USD53.2 million, in both cash and shares. The company is to pay USD43.2 million in cash, and also through the issue of 2.6 million new shares.
IMImobile is to draw down a new debt facility of USD18.7 million, and also place 6.5 million new shares at 310 pence each, raising USD25.2 million, to fund the deal.
IMImobile shares were 0.7% higher on Wednesday morning at a price of 311.00p each.
IMImobile expects the acquisition to be "immediately" earnings enhancing, and Chief Executive Jay Patel added: "We are delighted to announce the acquisition of 3C. It is a business with deep relationships with blue-chip customers and the major US mobile operator networks as well as being a pioneer in developing RCS as a channel for customer engagement.
"The acquisition will provide an opportunity to introduce the group's core Enterprise CPaaS capabilities and suite of customer engagement products into the US, which is our largest addressable market. We also hope to consolidate our strategic leadership position in introducing new communication channels to our clients and partners worldwide."
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