Fri, 12 Jul 2019 | BUSINESS SALE
Blancco Technology Group, which provides a range of mobile diagnostics services, signed a deal worth €5.25 million to acquire its counterpart based in Cork, Ireland.
Trading as Inhance Technology since 2005, YouGetItBack Limited has been taken over by Blancco Technology Group. To fund the acquisition, £10 million has been raised through a share placing.
Inhance began its operations as a business providing security tagging software for mobile handsets, before moving onto mobile diagnostics. With 18 team members to its name, the company generated a revenue of €1.2 million in 2018.
Although headquartered in Texas, USA and operating across the globe, Blancco Technology’s UK operations are headed from Cambridgeshire and Hertfordshire. Its acquisition of Inhance Technology has been financed through its placing of eight million new ordinary shares of 2p each, at a price of 125p per share.
Money raised from the placing will fund the cash element of the deal, which is €3.25 million, whilst also supporting the refinancing capital spending related to the intellectual property development with ZroBlack.
Some funds will also be put towards repaying some of Blancco Technology’s debts, and some to support the working capital.
Chief executive of Blancco, Matt Jones, commented: “The acquisition of Inhance and the development of the IP relating to the ZroBlack Consulting Agreement provides Blancco with a full suite of products for diagnostic and erasure solutions in the mobile sector and places the group in a position to cement its position as a market leader.
“We are confident that the initiatives that we have laid out today will make a meaningful contribution to Blancco's future growth, further accelerating rates of revenue and profit growth, over and above those increases that we have announced today and earlier this year.”
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