- Intelligent Monitoring Group (IMB) enters an agreement to acquire all the shares in Mammoth Technology for $4 million
- Mammoth Technology is an Australian designer and manufacturer of internet of things (IOT) connected security products
- The purchase price consists of a $2 million cash payment and $2 million worth of IMB shares
- To fund the cash portion, IMB will be undertaking a one for one non-renounceable entitlement offer, aiming to raise roughly $10 million
- IMB is steady on the market with shares trading at 18 cents at 3:38 pm AEST
Intelligent Monitoring Group (IMB) has entered an agreement to acquire all the shares in Mammoth Technology for $4 million.
Mammoth Technology is an Australian designer and manufacturer of internet of things (IOT) connected security products.
It provides security solutions to retail and wholesale customers and businesses under the Monkey Vision, Simple by Monkey Vision and Mammoth Security & Intellivision Ai+ brands.
Mammoth offers 4G, Wi-Fi and industrial-grade HD cameras, connected home solutions and facial recognition.
As part of the agreement, Mammoth Founder and CEO Rob Hilton will join IMB as an Executive Director.
The $4 million acquisition price consists of a $2 million cash payment and $2 million worth of IMB shares.
To fund the cash portion, IMB will be undertaking a one for one non-renounceable entitlement offer, aiming to raise roughly $10 million.
Shares will be priced at 15 cents, representing a 21.8 per cent discount to the five-day volume-weighted average price and a 16.7 per cent discount to IMB’s last trading price.
As well as the cash payment of the acquisition, the money from the entitlement offer will be used to fund the acquisition of AIS and pay transaction costs and working capital.
Furthermore, Executive Director Dennison Hambling will assume the role of Managing Director to driver IMB’s next phase of growth.
Current CEO John Hallam will step down but has agreed to stay with the company until operational improvements are completed.
IMB was steady on the market with shares trading at 18 cents at 4:00 pm AEST.