Source - Alliance News

Digitalbox PLC on Monday said it has bought the web and mobile platform assets of Ltd, in a £550,000 deal.

Shares in the Bath-based digital media company were up 6.7% to 9.60 pence each in London on Monday morning.

Digitalbox said the completion of the acquisition is conditional upon the satisfactory upgrade of the website as part of the platform redevelopment.

Digitalbox will pay £20,000 immediately on exchange to trigger the platform redevelopment, followed by a further £350,000 payable on completion, which is expected to be within three to six months from the date of exchange. Finally, the company will make a deferred payment of £180,000 four months after the completion date.

The acquisition will be funded from the company’s existing cash resources, which at May 24 were approximately £2.8 million.

Digitalbox said that the acquisition, which is expected to be immediately earnings enhancing, will see services acquired from renamed to Ltd.

Chief Executive James Carter said: ‘The acquisition of is another excellent addition to our growing portfolio of digital assets. It is an exciting business with considerable potential and an established brand.’

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