Zoo Digital Group PLC on Wednesday said that it has acquired the remaining 49% of Zoo Korea, since buying 51% of equity in March last year.
Zoo Digital is a London-based provider of cloud-based localisation and digital distribution services.
Under the terms of the transaction, the company will issue 550,000 ordinary shares in Zoo Digital to the exiting shareholders of Zoo Korea and make a one-off payment of $200,000 in consideration for their stake.
Since Zoo Digital acquired equity in Zoo Korea last March, the latter expanded to deliver an in-territory servicing hub. Zoo Digital estimated that it recognised $4.5 million of incremental revenues across the group in financial 2023 as a result of the acquisition.
‘We have been thrilled by the success of Zoo Korea since its inception 12 months ago. Our teams have built a productive and efficient working relationship, revenues have exceeded initial expectations and customer acceptance has been very high. This additional investment will consolidate the full benefit of Zoo Korea’s future growth to the group and support our long-term ambitions in the region,’ said Chief Executive Officer Stuart Green.
Zoo Digital shares were trading 1.3% lower at 195.00 pence each in London on Wednesday at midday.
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