Future acquires MoNa Mobile Nations to expand reach in the US
Source - SMW
Future on Friday acquired MoNa Mobile Nations for an initial $55m expanding its reach in the US.
Mobile Nations was focused on consumer electronics, combining content, community and commerce to deliver shopping enablement solutions, with its key brands including Android Central, iMore, Windows Central and Thrifter, the company said.
Mobile Nations' brands had a monthly audience of over 40m technology enthusiasts and support consumers.
Mobile Nations achieved revenue of $16.4m and earnings (EBITDA) of $8.2m in year ended 31 December 2018.
The transaction was expected to be earnings enhancing in the current financial year and materially earnings enhancing in the first full year following completion, Future said.
Under the terms of the deal, Future agreed to pay an initial US$55m on completion of the acquisition with a further $5m to be satisfied through shares.
The total level of variable deferred consideration payable would be based on Mobile Nations achieving financial targets based on the year ending 31 March 2020 and was capped at $60m, the company said.
'This acquisition will further strengthen our market leading position in technology an d extend our growing presence in the US. Mobile Nations' consumer electronics brands, which combine content, community and commerce to deliver shopping enablement solutions, are highly complementary to our existing portfolio,' said Zillah Byng-Thorne, CEO of Future.
'We already have an established commercial relationship with Mobile Nations through its longstanding partnership with Purch, which we acquired in September 2018. The addition of Mobile Nations' brands will deepen our presence and expand our opportunities to monetise our significant US online audience.'
At 9:53am: (LON:FUTR) Future PLC share price was +83p at 769p