A technology innovator delivering mobile, telecom and e-business software products and services. I have a holding in my growth portfolio (epic code: GBO).
After the details of today's acquisition were inadvertently allowed to become visible to google search and hence the public in general yesterday, the company were forced to issue a clarification. Today they have informed the market in the correct manner. Somewhat embarrassing for a software company.
Globo has acquired the business and assets of Notify Technologies Inc., a mobile technology company specialising in wireless mobility solutions and services, for a cash consideration of $5m. Under an Asset Purchase Agreement, assets of $0.35m and liabilities of $3.1m, including $2m of deferred revenues, and approximately 60 employees will transfer to Globo's US subsidiary.
For 2012, Notify's unaudited IFRS revenue and EBITDA were $6.1m and $1.6m, respectively. For a software company that is almost 20 years old a turnover per employee of $101k is not that impressive. Let's hope that Globo are able to considerably improve that metric.
The acquisition would appear not to be earning enhancing, but is said to be EBITDA enhancing.
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