12th Aug 2015 08:14
LONDON (Alliance News) - Gaming company Netplay TV PLC on Wednesday said it has struck a GBP3.2 million cash deal to acquire online marketing, product development and technology company Otherside Inc.
Netplay said the acquisition of Otherside, which runs an online marketing platform, will help it in tailoring marketing strategies, deliver additional traffic to its existing brands, and diversify its revenue stream.
The consideration will comprise a GBP2.7 million upfront payment, plus a further GBP500,000 based on Otherside meeting financial targets in the 12 months following the acquisition.
"I am delighted to announce the acquisition of Otherside, which will strategically align with our core business and support our digital strategy across the Group's brand portfolio. As previously stated, NetPlay is in a strong position to pursue appropriate, value-enhancing M&A activity and we are confident that this acquisition further strengthens the Group's digital reach," said Netplay Chief Executive Bjarke Larsen.
Netplay shares were down 2.0% to 9.44 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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