Mobile commerce company, Bango (BGO) , reported on Friday that its revenue and additional targets set for its subsidiary Audiens in January 2018 have been two months ahead of expectations.
Since its acquisition, Bango has operated Audiens as a separate division, working on its cloud based customer data platform.
Audiens met its ambitious financial targets early having built on its commercial success in Italy.
This allowed the group to win new customers, leverage Bango’s global presence and expertise, and develop its product to provide excellent customer service.
As a result of this success, Marko Maras, the founder and CEO of Audiens business within Bango Group will receive the deferred compensation element of the Acquisition.
Bango has also accelerated its own data monetization strategy in the Bango Marketplace by using the software and expertise gained from the Audiens acquisition, with the group believing that this will make a significant contribution to its growth in the coming years.
“Bango is now able to monetize data using Bango Marketplace - providing marketable audiences of users with a history of in-app payment,” explained Ray Anderson, CEO of Bango.
Since Audiens has delivered its financial objectives in terms of revenue growth and cost control, Bango will now acquire the remaining shares from Mr Maras for a total cash consideration of £0.99m as pursuant to the terms of the acquisition.
It is expected that this transaction will be executed in January 2020. As a result, Audiens will be 100% owned by Bango.
"Growing the Audiens business within the Bango group is a successful model. We end 2019 in a strong position, and I look forward to growing the business further in the years to come,” added Mr Maras.
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