- Access Innovation Holdings (AIM) has completed the acquisition of U.S.-based video and technology company EEG Enterprises
- The acquisition was funded by AIM’s fully-underwritten $40 million capital raising announced in April
- Around $35 million has already been raised with the remaining $5 million to be raised shortly
- AIM has now completed the initial cash payment of US$40 million (around A$51.7 million)
- A further earn-out payment of up to US$4 million (around A$5.17 million) will be paid subject to EEG achieving a margin growth rate
- AIM has ended the day a slight 0.61 per cent in the red with shares trading at 82 cents
Access Innovation Holdings (AIM) has completed the acquisition of U.S.-based video and technology company EEG Enterprises.
The acquisition was funded by AIM’s fully-underwritten $40 million capital raising announced in April.
Around $35 million has already been raised via a placement and institutional entitlement offer with the remaining $5 million set to be raised via a retail entitlement offer.
AIM has now completed the initial cash payment of US$40 million (around A$51.7 million).
A further earn-out payment of up to US$4 million (around A$5.17 million) will be paid subject to EEG achieving a margin growth rate.
“We are delighted to have completed the acquisition of EEG and welcome their talented team to Access Innovation Holdings,” Co-Founder and CEO Tony Abrahams said.
“We look forward to working with the EEG team to present a market-leading suite of video and captioning services and take advantage of the global growth opportunities presented by the alignment of two businesses with highly complementary products and customers and a culture of success,” he added.
AIM has ended the day a slight 0.61 per cent in the red with shares trading at 82 cents in a $155.5 million market cap.