Attraqt buys Dutch cloud based software provider
E-commerce technology provider Attraqt has bought Fredhopper, a Dutch cloud-based software provider which is a subsidiary of language technology firm SDL, for up to £27.8m.
Attraqt Group
30.00p
16:55 05/12/22
FTSE AIM All-Share
755.28
17:14 26/04/24
Software & Computer Services
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16:59 26/04/24
AIM-listed Attraqt believes that Fredhopper, which its recurring revenue base accounted for 90% of total revenue in 2016, will increase its presence in the UK, US and Continental Europe with about new 250 clients including Tesco, boohoo.com and Superdry.
An open offer and subscription by the company raised £27.8m through the issue of 79.42m new shares at a price of 35p each, with the proceeds used to fund the acquisition and the balance will be used to fund the integration of the two businesses, investment in sales and marketing, customer support, product development and working capital.
The new shares were admitted to trade on AIM on Wednesday and following admission, Attraqt will have 106.36m shares of 1p each in issue with none in treasury.
Attraqt chief executive André Brown said: "I am delighted that the acquisition of the Fredhopper business has been completed and I look forward to growing the business together as we work to become the global online merchandising partner of choice for retailers.
“Going forward we will look to utilise the joint scope and experience of both companies and accelerate our global product offering and technology developments; enhancing business continuity and reinforcing our position as the go-to player in the market."
Shares in Attraqt were down 3.22% to 46.94p at 0841 GMT.