Mnemon continues aggressive acquisition strategy with TopBuy purchase

Mnemon continues aggressive acquisition strategy with TopBuy purchase

Nmemon (ASX:MNZ) to buy online retailer TopBuy for $2.25 million

Nmemon Limited (ASX:MNZ), formerly Mnet, has continued its aggressive acquisition strategy with the $2.25 million purchase of online retailer TopBuy.

The buy comes just six months after the the acquisition of DealsDirect, an Australian online retailer with turnover in excess of $60 million.

After the completion of acquisition, TopBuy will become a subsidiary of MNZ's DealsDirect Group

Mnemon has entered a share sale agreement where by the total consideration for TopBuy is $2.25m.

It will be settled by way of $325,000 in cash, and the rest in MNZ shares at a share price of the 60 day volume-weighted average price.

MNZ interim chief executive, Michael Rosenbaum, said the integration of TopBuy was expected to deliver significant cost synergies and cross-selling opportunities with DealsDirect.

"This is the first step in our ongoing acquisition strategy with MNZ continuing to look at a range of opportunities in the e-commerce industry."

The purchase is expected to bring additional revenues in excess of $10 million in 2015, a database of 200,000 customers and consumer-direct distribution capabilities out of China.

TopBuy is an online retailer founded in 2007 by Peter Xie and Michael Xie which specialises in branded consumer electronics, fashion, and general merchandise.

Read more: MNZ completes $2.25 million TopBuy acquisition

The co-founder will continue in key roles within the senior management of TopBuy.

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Tags TopbuyMnetNmemon Limited (ASX:MNZ)Michael XiePeter XieMNZ's DealsDirect GroupMichael RosenbaumMNZ interim chief executive


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