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Crowd Mobile buys Track Concepts for $35.5 million

Crowd Mobile buys Track Concepts for $35.5 million

Expands Crowd's m-payments network to more than 160 mobile operators

ASX-listed m-payments company, Crowd Mobile (ASX:CM8) has signed a share purchase agreement (SPA) to acquire Netherlands-based Track Concepts for $35.5 million.

The acquisition will be partially funded by a fully underwritten rights issue of $12.8 million along with $14.3 million flexible senior debt facility from a European bank; $7.9 million vendor finance and $500,000 from cash reserves.

“The Track Concepts acquisition extends the company’s global m-payments network reaching more than 160 mobile operators across 50 countries, allowing Crowd to accelerate its product launch into new markets,” Crowd Mobile CEO, Domenic Carosa, said. “In addition, Track Concepts is a highly profitable and cash generating business, and will provide Crowd Mobile with strong growth in revenue, earnings and free cash flow.

“We see a large number of synergies available to the combined group, which will help position Crowd as a leading m-content and m-commerce organisation globally.”

Contracted management and consulting services will be provided until May 2016, and all Track employees have been provided with short- term and long - term incentives.

The acquisition is expected to be completed next month.

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