Amino Technologies plc (AMO) , the AIM listed technology provider for modern TV experiences, has acquired online video specialist 24i Media for €21.4m, to accelerate its online video strategy.
Amino said the acquisition would enable it to deliver full 'end-to-end' and on-demand personalised content solutions to its customer base.
The companies believe that the industry is undergoing a fundamental shift from broadcast and hardware, to streaming and hosting video platforms in the cloud.
The acquisition is to help the two merged companies capture this market opportunity.
24i Media’s business was valued at €24.7m, as implied by Amino acquiring 87% of the issued share capital for €21.4m (€16m in cash and €3.3m in Amino shares).
Amino told investors that the acquisition will provide “clear cross selling and upselling opportunities”, as well as extend Amino's customer base. Amino also said that 24i's product suite is “highly complementary”.
Donald McGarva, Amino Chief Executive Officer, said: "The fast-growing 24i is a great strategic acquisition for us, moving us closer to a decisive market leadership position”
“Not only does 24i's leadership in UI/UX and TV/Online video Apps complement our product line-up, but 24i also shares our vision of where the industry is headed, and the agility and culture of innovation required to get it there profitably."
The Acquisition is expected to be earnings accretive in the first full year of ownership (FY2020).
Amino is to own 92% of the issued share capital of 24i, with the balance of 8% owned by the Founders, who were also granted options.
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