1st Sep 2023 09:58
CentralNic Group PLC - London-based internet services holding company that develops and manages online marketplaces - Acquires Los Angeles-based company Adrenalads LLC for USD2.4 million in cash. CentralNic describes Adrenalads as a "premium source of tier-1 search and direct navigation traffic, catering specifically to ecommerce platforms". Says the acquisition will be immediately earnings accretive. It aims to "seamlessly integrate" Adrenalads into CentralNic's Zeropark commercial media offering.
CentralNic Chief Executive Officer Michael Riedl says: "With the inclusion of Adrenalads, we aim to amplify Zeropark's value to our partners - advertisers, publishers, and most importantly, to the consumers...CentralNic's continued strong operating cash generation, supported by high cash reserves and committed credit facilities, continues to fund such bolt-on acquisitions, as indicated in our capital allocation policy. The company is fully funded to execute its strategy to simultaneously invest in the future and return cash to shareholders."
Current stock price: 121.36 pence, up 0.5%
12-month change: up 3.3%
By Greg Rosenvinge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.