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Gloo Networks remains upbeat on acquisition prospects

Gloo remains on the lookout for the right investment

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The company raised £30mln to fund an acquisition

Media investment company Gloo Networks (LON:GLOO) remains on the lookout for the right acquisition, as it posted its first set of results since floating in August.

Gloo intends to use the £30mln raised from the placing to buy and run trusted brands in the media sector, initially with an enterprise value in the range of £250mln to £1bn.

The company’s management team features numerous luminaries from the world of digital media, including chief executive Rebecca Miskin, formerly digital strategy director and change agent at Hearst Magazines UK.

It also includes chief product and operations officer Juan Lopez-Valcarcel, who was previously chief digital officer for Pearson International.

Miskin said: "The group continues to pursue its stated acquisition strategy and the directors believe Gloo Networks is well placed to progress the available opportunities in the year ahead.”

Between February 16 and September 30, the company blamed administration costs for a pre-tax loss of a little over £1mln, and held £29mln in cash at the end of the period.

Quick facts: Gloo Networks

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AIM:GLOO
Market: AIM
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