Zamano completes Eirborne acquisition
Mobile technology and content provider zamano has completed the acquisition of Eirborne Text Promotions Ltd, an Irish-based mobile content company active in the UK, Irish and Australian markets.
Zamano has acquired the entire issued share capital of Eirborne for an initial consideration of €1.7m consisting of an initial cash payment of €1.2m and the issue of 1,136,364 shares in the Company issued at 29.9p / 44c per share.
Additional deferred consideration will be paid, based primarily upon a maximum multiple of five times the EBITDA achieved by the business in the 12 months to 31 May 2008, less the initial consideration paid.
The total consideration for the purposes of the AIM rules has been capped at €8.5m.
Eirborne Text Promotions Ltd was established in 2002 by Gerard O’Keeffe and Paul Coyle, two experienced telecommunications executives, each with over 15 years’ relevant industry experience. The vendors will remain with the business for a minimum of 12 months.
Eirborne has developed a range of mobile entertainment services, including music, video, comedy and game content, which it provides to its 100,000 plus subscriber base on www.veronicasmoco.com.
Eirborne also provides text and picture messaging services for online communities. The company's market focus is aligned with zamano’s, with presences in the UK, Ireland and Australia.
Eirborne has been an existing customer of zamano’s for nearly three years. Significant synergies have been identified and are a key element in the business plan and the realisation of the deferred consideration payments
