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Access Innovation Holdings (ASX:AIM) - Co Founder & CEO, Tony Abrahams
Co Founder & CEO, Tony Abrahams
Source: Business News Australia
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  • Access Innovation Holdings (AIM) has completed the acquisition of U.S.-based video and technology company EEG Enterprises
  • The acquisition was funded by AIM’s fully-underwritten $40 million capital raising announced in April
  • Around $35 million has already been raised with the remaining $5 million to be raised shortly
  • AIM has now completed the initial cash payment of US$40 million (around A$51.7 million)
  • A further earn-out payment of up to US$4 million (around A$5.17 million) will be paid subject to EEG achieving a margin growth rate
  • AIM has ended the day a slight 0.61 per cent in the red with shares trading at 82 cents

Access Innovation Holdings (AIM) has completed the acquisition of U.S.-based video and technology company EEG Enterprises.

The acquisition was funded by AIM’s fully-underwritten $40 million capital raising announced in April.

Around $35 million has already been raised via a placement and institutional entitlement offer with the remaining $5 million set to be raised via a retail entitlement offer.

AIM has now completed the initial cash payment of US$40 million (around A$51.7 million).

A further earn-out payment of up to US$4 million (around A$5.17 million) will be paid subject to EEG achieving a margin growth rate.

“We are delighted to have completed the acquisition of EEG and welcome their talented team to Access Innovation Holdings,” Co-Founder and CEO Tony Abrahams said.

“We look forward to working with the EEG team to present a market-leading suite of video and captioning services and take advantage of the global growth opportunities presented by the alignment of two businesses with highly complementary products and customers and a culture of success,” he added.

AIM has ended the day a slight 0.61 per cent in the red with shares trading at 82 cents in a $155.5 million market cap.

AIM by the numbers
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