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appScatter completes £13.5mln takeover of Priori Data

It has taken a little longer than expected, but appScatter boss Phillip Marcella said he is “delighted” to bring Priori Data into the group

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appScatter is paying £11.7mln in stock and £1.8mln in cash

App monitoring service AppScatter Group PLC (LON:APPS) has completed the £13.5mln acquisition of German firm Priori Data.

Berlin-based Priori runs an app data intelligence operation and combined with appScatter’s existing service, will enable the performance of millions of apps and billions of devices to be analysed.

By combining the data from both companies, it is hoped that brands, app publishers, advertising agencies and mobile networks will be able to conduct more targeted demographic campaigns.

READ: appScatter boss charts progress at AGM

When it first announced the takeover back in April, the AIM-quoted firm said it was paying £9.45mln in cash and £4.05mln in shares.

But the window for that deal to be completed expired earlier this month so a new agreement was drawn up, with appScatter now paying £1.8mln in cash and the remaining £11.7mln in stock.

WATCH: appScatter shareholders vote through Priori takeover

Shareholders gave their backing to the deal at Friday’s annual general meeting.

“I strongly believe that the combination of the appScatter platform and the data held by Priori will significantly advance the company's development and positioning,” said chief executive Phillip Marcella.

“We are already collaborating with Priori on several new high-profile clients - with growing interest in the abilities of the enlarged group from key potential enterprise customers.”

Placing date extended

The 16.3mln shares which make up the stock part of the deal have now been issued at an effective issue price of 70p per share and are expected to be admitted to AIM on Friday (July 6).

A share placing at 70p, announced last week, has also been extended. Investors wanting to take part now have until July 31 to do so.

Quick facts: AppScatter Group PLC

Price: 17.25 GBX

AIM:APPS
Market: AIM
Market Cap: £16.74 m
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