Mediasurface to Acquire Immediacy

Mediasurface plc announced its intention to acquire Immediacy Limited (“Immediacy”) for an initial consideration of approximately £5 million plus deferred consideration of £0.80 per pound of net assets in excess of £370,000. The acquisition is intended to: broaden the Mediasurface product portfolio with the addition of a successful mid-range content management technology and customer base, and bea complementary solution that targets a segment of the web content management market that is not currently addressed by Mediasurface; add transferable technological skills, provide greater sales opportunities, both by enabling Mediasurface to address a wider market and by promoting Immediacy in new geographies in which Mediasurface is already established; and increased profile and critical mass to better compete in the content management market. The Placing by KBC Peel Hunt will raise approximately £4.45 million in addition to a £2 million term loan facility which the Company has secured. These proceeds will be used to fund the cash element of the initial consideration, defray the costs of the Placing and the Acquisition and strengthen the balance sheet. Under the terms of the Placing Agreement, KBC Peel Hunt has agreed to use its reasonable endeavours to procure subscribers for the Placing Shares at 23 pence per share. The Directors believe that the acquisition of Immediacy has compelling strategic and financial logic for both companies and represents an attractive opportunity for Mediasurface to broaden its portfolio and acquire 206 support paying customers. For more information on the details of the acquisition:
http://sitecontent.mediasurface.com/uk-en/documents/pdfs/financial/immediacy-acquisition.pdf