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Manalto to buy Bambu Digital’s assets
Posted on Friday, 21 April 2017 08:23
Australian Securities Exchange-listed Manalto is acquiring the strategy, marketing, finance and human resources software development business of Bambu Digital in a deal worth up to AUD 5.00 million (USD 3.71 million).
The consideration will be paid in scrip, which also covers an earn-out payment of AUD 3.00 million.
Commenting on the deal, Manalto’s board stated: “Bambu brings an extensive suite of business productivity software and expertise which complement and will significantly, expand and strengthen Manalto’s product offering.
“The combined group as a significant supplier of business software solutions via the cloud will have a more compelling offering.”
Manalto is concurrently raising AUD 2.50 million, the equivalent of a 34.9 per cent enlarged stake, to fund its next stage of development and growth.
Founded in 2011, the Washington DC-headquartered company mainly provides cloud-based systems that help businesses manage their brand image on social media.
Manalto posted revenue of AUD 117,952 in the 12 months ended 30th June 2016, up 20.7 per cent on the AUD 97,698 recorded in the previous year.
However, its finances remain in the red with a net loss of AUD 3.18 million during the period, a slight improvement from net loss of AUD 3.60 million in 2015.
This is not Manalto’s first acquisition in the past year as it snapped up another social media system provider Marketing Technologies Group from Generation Co to expand business scale.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 56 other deals targeting Australian software developers to have been announced to completed.
Bain Capital’s disposal of a 16.5 per cent stake in accounting system provider MYOB Group was the largest on the list.
The deal successfully completed in February and was worth around AUD 355.00 million.
© Zephus Ltd