Update on acquisition

RNS Number : 7644X

XLMedia PLC

02 September 2015

 

For immediate release

2 September 2015

XLMedia PLC

("XLMedia" or "the Group" or "the Company")

Update on acquisition

Integration of ExciteAd Digital Marketing Ltd ("EDM") accelerated

XLMedia (AIM: XLM), a leading provider of digital performance marketing services, is pleased to provide an update on its progress to integrate the acquired businesses and assets of EDM.

The Company is pleased to report EDM has achieved strong performance in the first year following acquisition. In accordance with the share purchase agreement, and based on the performance achieved, the Company has paid the first instalment of contingent consideration of $3.5 million.

Management sees high value in the integration of all acquired businesses, and specifically the use of a unified technological infrastructure, and believes such integration will help to further improve performance and increase scale.

Given the high earnings visibility of EDM, the Company has decided to waive the performance condition related to the second and final contingent payment of $3.5 million in order to accelerate the continued integration of EDM into the Group. All other terms of the purchase agreement remain in force.

Ory Weihs, Chief Executive Officer of XLMedia, commented:

"We are very pleased with the strong performance of EDM, and look forward to the additional benefits of scale we will see through the acceleration of its integration. We continue to evaluate a number of prospective acquisition targets in order to add new technologies and skills that will complement our existing suite of user engagement and advertising tools. "

For further information, contact:

 

XLMedia plc Ory Weihs www.xlmedia.com	Tel: [phone]
Vigo Communications Jeremy Garcia / Fiona Henson www.vigocomms.com	Tel: [phone]
Cenkos Securities plc (Nomad and Joint Broker) Ivonne Cantu / Callum Davidson www.cenkos.com	Tel: [phone]
Liberum (Joint Broker) Neil Patel / Chris Clarke www.liberum.com	Tel: [phone]

 

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