17th Dec 2024 13:51
Acceler8 Ventures PLC - acquisition vehicle - Shares are suspended from trading on the London Main Market as Acceler8 agrees to buy Verifyyed Inc, a California-based provider of a royalty payments platform for the music business. The proposed acquisition is for GBP96.8 million, all in shares. As part of the transaction, Acceler8 also will aim to raise between GBP10 million and GBP20 million from a share placing. These funds will be used as growth capital for the enlarged business. Verifyyed operates a content licensing marketplace and offers royalty tracking, administration and collection software-as-a-service. "Verifyyed's platform simplifies the end-to-end music sync licensing process, and provides rights holders with greater transparency to drive increased royalty revenues and accelerated payment collections," Acceler8 explains.
"We are delighted to have reached agreement with Verifyyed and have the opportunity to bring to London such an exciting, high growth technology company," says Acceler8 Chair David Williams. "The scaling prospects of the business are considerable."
By Tom Waite, Alliance News editor
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