Sydney-based data analytics and marketing services provider Skyfii (ASX:SKF) has acquired the portfolio of customers from London-based guest Wi-Fi services provider Wicoms Wireless.
The acquisition is valued at $247,000 and will be completed using an all scrip consideration of 3,800,000 new Skyfii shares issued at $0.065 per share (‘Consideration Shares’). The Consideration Shares will be issued immediately, and will be subject to 12 month escrow provisions.
Skyfii will expand its global presence into Europe and North America with the Wicoms acquisition.
Customers have already started to be migrated to Skyfii’s platform. This includes a new multi-year revenue accretive deal with a large format designer outlet mall operator, which is in advanced stages of negotiation.
Successful conclusion of negotiations with see Skyfii deploy its IO services across an initial 23 designer outlet malls, with the further potential to expand to a further seven malls.
“We are extremely pleased to be acquiring key assets from Wicoms including contracted revenues from a large retail footprint,” Skyfii CEO, Wayne Arthur, said.
“This transaction brings a profitable asset onto the Skyfii balance sheet, and significant short term opportunity to grow the portfolio value through the upsell of Skyfii’s data analytics and marketing services.”
Wicoms has grown its sizeable customer portfolio directly and through reseller arrangements over the past nine years, according to Skyfii. The customers include a group of designer outlet malls operating across nine countries.
Skyfii will be able to upsell the Wicoms’ retail mall customers with a greater level of data analytics and marketing services.
In June 2016, Skyfii announced its global expansion with new offices in the UK and the US. At the time, the company also appointed Michael Owen and Andrew Clark to manage the London office.
The new US office, based in Dallas, has vice president sales and partnerships, Keith Morris and senior director of technical sales, Charlie Clemmer.
Skyfii’s customers in Australia includes the Mirvac Property Group, which includes the Broadway Shopping Centre and Rhodes Waterside.