News and Announcements
Connexion Media (ASX: CXZ) Acquires SSG
- Published January 11, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Connexion Media (ASX: CXZ) has begun its new year 2018 on a positive note by announcing the complete acquisition of Security Shift Group (SSG), a service provider for security of Internet and cloud-based systems.
- The deal is being governed by multiple considerations and is also subject to completion courtesy of meeting of several precedent conditions.
- SSG stands to benefit from this acquisition in a number of ways, like gaining access to high-profile projects and upgrading of its team in terms of skills and proficiency.
Connexion Media Limited (ASX: CXZ), which specializes in developing software packages for smart cars, has announced that it has been successful in acquiring complete ownership of Security Shift Group (SSG).
Melbourne-based Connexion Media has been developing and marketing apps for cars that employ Internet connectivity. To this effect, one of its core products is CXZ Telematics, which enables the car-fleet manager to control the entire fleet using a computer or a mobile device like a phone, tablet and so on. The other core product of the company is the miRoamer, a next-generation Internet radio, and it functions by enabling users to pick up a wide range of local, national and international radio stations.
The entity that Connexion Media is acquiring, namely SSG, is a service provider for IT operations, cyber security, cloud services, risk-and-compliance services and services related to deployment and operations. As a company, SSG is experienced in developing critical infrastructure and in its lifetime, it has delivered high-performance Internet systems that are both secure as also scalable.
Total acquisition by Connexion Media benefits SSG in multiple ways, primary among which is the accessibility to cloud platforms meant to serve the Defence Directorate. Added perks include permission to work on major projects and upgrading of skills of the executive team so as to be able to handle large-scale technology projects with proficiency.
There are multiple considerations that govern the deal, like an investment worth $1.8 million by Connexion for SSG shares and utilizing of internal cash reserves, future earnings and debt finance. The acquisition will be regarded as being complete only after the list of precedent conditions have been met by both concerned parties.
About Connexion Media (ASX: CXZ)
Connexion Media is an ASX listed technology company revolutionising smart car technology for the automotive industry. The Company builds software services for Internet connected vehicles, and has a number of services already selling in the market. The Company has secured commercial agreements with leading automotive industry players including General Motors, Ford and Volkswagen to roll out its proprietary smart car technologies to millions of vehicles in the coming years.
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