MNZ completes $2.25 million TopBuy acquisition

MNZ completes $2.25 million TopBuy acquisition

Purchase expected to bring additional revenues in excess of $10 million

Mnemon Limited (ASX:MNZ), formerly Mnet, has completed its $2.25 million acquisition of TopBuy Australia.

The business of TopBuy is now a wholly owned subsidiary of the DealsDirect Group.

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

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

It was 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: Mnemon continues aggressive acquisition strategy with TopBuy purchase

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

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Tags Deals DirectTopbuyMichael RosenbaumMNZ interim chief executiveMnemon Limited

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