News and Announcements
Shopping Mall App Sprooki to be Acquired for $10 million
- Published April 28, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Business intelligence and big data solutions company, Invigor Group, has acquired Singapore-based shopper engagement and analytics app Sprooki for $10 million in an all-scrip deal.
KEY TAKEAWAYS:
- The deal follows Sprooki securing Invigor Group as its first Australian customer in July last year.
- This resulted in Sprooki’s platform being integrated with Invigor’s Insights Visitor WiFi Analytics and Engagement product, enabling location-targeted messaging, mobile vouchers, cardless loyalty and rewards systems.
- As part of the buyout $4 million of Invigor shares will be issued to Sprooki shareholders, subject to a 12-month escrow and an additional $6 million of shares subject to performance milestones in 2017 and 2018.
- Sprooki, which is founded by two former Fairfax Media digital leaders Claire Mula and Michael Gethen, had planned on listing on the ASX via an initial public offering last year, raising $7.5 million.
Invigor Group, which is lead by iSOFT founder Gary Cohen, expects the acquisition to be earnings accretive by the 2018 financial year, adding $5 million in revenue and making the company cashflow positive, sources said.
Invigor is currently in a trading halt, but last traded at 1.5¢. Sources said Allectus Capital will join the company’s register, investing $1 million for a 12.5 per cent shareholding.
Invigor is also expected to announce former Commonwealth Bank and Westpac Bank chief information officer Bob McKinnon as chairman.
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