23rd Jul 2014 09:36
LONDON (Alliance News) - RapidCloud International PLC said Wednesday that it has conditionally agreed to acquire Singaporean web development firm Exxelnet Solutions Pte Ltd for around GBP950,000 in cash and shares.
The consideration will be paid half in cash, and half in shares. To fund this acquisition the company has raised GBP600,000 in the placing of 1.1 million shares at 54 pence each.
Shares in RapidCloud were trading 9.6% lower at 61.50 pence Wednesday morning.
The company said that the acquisition will further expand its geographic footprint and add to earnings. It expects to complete the acquisition in the week beginning August 11, subject to the satisfaction of relevant conditions.
"Exxelnet is an excellent strategic fit with a skilled workforce and solid customer base and we are confident that the combined Group will benefit greatly from cross-selling and up-selling opportunities," said Managing Director Raymond Chee in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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