8th Jul 2014 09:15
LONDON (Alliance News) - Progressive Digital Media Group PLC said Tuesday it will acquire business intelligence services business CurrentAnalysis Inc for USD19.6 million in cash.
The company will fund the acquisition through its existing cash resources. The acquisition is subject to approval from CurrentAnalysis shareholders.
CurrentAnalysis posted revenues of USD13.0 million in 2013, with net liabilities of USD2.3 million.
It expects the acquisition to add to earnings within the first year after acquisition, although it isn't expected to impact 2014 results.
"The acquisition of CurrentAnalysis satisfies all of our acquisition criteria, providing subscription-based business information services to blue-chip companies operating in a global sector," said Chief Executive Simon Pyper in a statement. "Additionally, CurrentAnalysis augments our existing platform and significantly increases our footprint in the key North American market."
Shares in Progressive Digital Media are untraded Tuesday; they were quoted at 261.00 pence on Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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