- Accesso Technology Group
- 01 May 2024 17:18:52
Source: Sharecast
The AIM-traded firm said VGS boasted more than 100 visitor venues, including the world's most popular theme park destination, describing it as a key industry player.
It said the acquisition, valued at $52.6m in total cash consideration, would strengthen its product portfolio and enhance its market presence.
The net purchase price amounted to $38.5m, including $14.1m of VGS' existing cash reserves.
Accesso said the transaction was expected to be finalized in the coming days, and on completion, the VGS platform would be rebranded as Accesso Horizon.
VGS had consistently demonstrated profitability, reporting a pro-forma profit before tax of $4m in 2022.
The group anticipated that VGS would contribute to earnings immediately, given its strong technology and strategic alignment with Accesso.
“I am beyond excited to announce the transformative acquisition of VGS - a business I have long admired and respected,” said chief executive officer Steve Brown.
“The VGS solution fits squarely into our product roadmap and its top tier customer base speaks volumes for the quality, scalability and functionality of the technology.
“Strategically, this addition of VGS immediately advances our business. It further elevates our brand, expands our product proposition, significantly increases our international presence, enhances our revenue diversity and presents extensive new opportunities for global growth. It also provides a fundamental building block for our mid to long term product roadmap.”
At 1441 BST, shares in Accesso Technology Group were up 5.7% at 798p.
Reporting by Josh White for Sharecast.com.