Comprehensive M&A data with integrated detailed company information
accesso to buy TE2
Posted on Thursday, 13 July 2017 13:46
UK agency accesso Technology Group has agreed to purchase US advertisement and content delivery firm The Experience Engine (TE2) for around USD 80.00 million.
The consideration will be settled through a combination of USD 68.80 million in cash and USD 14.40 million in stocks.
accesso targets customers across a range of venues including theme parks, ski resorts and hotels, as well as quick service food and healthcare operations.
Commenting on the purchase, chairman of the acquiror, Tom Burnet, noted the acquisition will expand its technology leadership in the sector and help operators drive revenue.
California-based TE2, which has about 69 employees, offers customer experience management operations to brands including Merlin Entertainments, Cedar Fair Entertainment, Carnival and SeaWorld Parks & Entertainment.
The deal is expected to close on or around 20th July 2017, subject to stockholder approval.
In a separate announcement, accesso unveiled a share placing valued at up to GBP 58.83 million in order to finance the acquisition and pay off its outstanding debt.
The group is issuing 3.63 million stocks, representing a 13.6 per cent stake in the company’s enlarged capital, at GBP 16.20 apiece.
Canaccord Genuity, Numis Securities and FTI Consulting are all advising the business on the equity dilution.
Twyford-headquartered accesso develops and applies virtual queue technologies to various theme parks across the US and UK.
The group generated revenue of USD 102.50 million in the 12 months ended 31st December 2016, a 10.0 per cent increase on USD 93.20 million in the previous year.
Adjusted earnings before interest, tax, depreciation and amortisation totalled USD 19.10 million for the period (FY 2015: USD 15.20 million).
Earlier this year, accesso purchased UK online ticket marketplace platform operator Ingresso Group for about GBP 28.00 million in cash, including a performance-based earn-out of GBP 10.50 million if certain financial targets are achieved.
© Zephus Ltd