Skip navigation

26 June 2007 - Mediasurface plc, the AIM listed Content Management Software Author and Vendor, today announces its intention to acquire Immediacy Limited (“Immediacy”) for consideration of approximately £5.6 million (placing of 19,347,826 new Ordinary Shares).

Highlights

* Mediasurface plc has conditionally agreed to acquire Immediacy for an initial consideration of approximately £5 million plus deferred consideration of £0.80 per pound of net assets in excess of £370,000.

* The Placing by KBC Peel Hunt will raise approximately £4.45 million in addition to a £2 million term loan facility which the Company has secured. These proceeds will be used to fund the cash element of the initial consideration, defray the costs of the Placing and the Acquisition and strengthen the balance sheet.

* Under the terms of the Placing Agreement, KBC Peel Hunt has agreed to use its reasonable endeavours to procure subscribers for the Placing Shares at 23 pence per share.

* Immediacy develops, markets and implements Web Content Management software designed specifically for – and marketed directly to – mid-sized organisations.

* The Directors believe that the acquisition of Immediacy has compelling strategic and financial logic for both companies and represents an attractive opportunity for Mediasurface to broaden its portfolio and acquire 206 support paying customers.

* The principal benefits of the Acquisition:

- Broaden the Mediasurface product portfolio with the addition of a successful mid-range content management technology and customer base

- Complementary solution that targets a segment of the web content management market that is not currently addressed by Mediasurface

- Transferable technological skills

- Greater sales opportunities, both by enabling Mediasurface to address a wider market and by promoting Immediacy in new geographies in which Mediasurface is already established

-- Increased profile and critical mass to better compete in the content management market

* EGM to authorise the resolutions to allow the Directors to allot the EGM Placing Shares to be held at the Company’s registered offices at 9.00 a.m. on 23 July 2007.

Lawrence Flynn, Mediasurface CEO said:

“The acquisition of Immediacy will further support our growth, completing the range of our content management product portfolio and confirming our position as a leading force in this expanding market.

“Immediacy is complementary to our existing products, providing a web content management solution for mid-sized businesses thereby ensuring we have a compelling proposition to all sizes and types of companies and organizations and significantly increasing the marketplace that we can address. There is also a strong cultural, technological and business fit between the two organisations that will help us quickly integrate Immediacy and drive additional business through the enlarged Mediasurface group.”

For more information on the acquisition please go to http://sitecontent.mediasurface.com/uk-en/documents/pdfs/fin...

Please contact:

GBC, 020 8322 1922, mediasurface@gbc.co.uk

This press release was distributed by ResponseSource Press Release Wire on behalf of Onechocolate Communications in the following categories: Business & Finance, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.