Progressive Digital Media Group Plc has acquired CurrentAnalysis Inc., for a gross consideration of US $19.6 million in cash payable on completion. Completion, which is subject to the approval of CurrentAnalysis shareholders, is expected to occur within 30 days and will be funded from the Group’s existing cash resources.
CurrentAnalysis provides subscription based business intelligence services to the ICT industry. The company has offices in Washington D.C, London and Singapore. For the financial year ended 31 December 2013, CurrentAnalysis reported revenues of approximately $13 million, with net liabilities of approximately $2.3 million.
It is expected that the acquisition will be earnings accretive within the first twelve months post acquisition, though the impact on the Group results to 31 December 2014 are expected to be broadly neutral.
Commenting on the acquisition Simon Pyper, Chief Executive of Progressive Digital Media, said: “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. Additionally, CurrentAnalysis augments our existing platform and significantly increases our footprint in the key North American market.”
UK, London & USA, Washington, DC
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