Shares of Canada-based Mood Media Corp. (MM.L,MM.TO) rose more than 5 percent Thursday morning, as it announced the acquisition of of Florida-based Technomedia Solutions and sister company, GoConvergence, for about $23 million in cash, plus contingent consideration payable in 2014.
According to the in-store media provider, the contingent consideration is based on profitable growth of operations. Mood Media said the transaction will be immediately accretive to its shareholders, while accelerating the growth profile and competitive positioning of the combined businesses.
Formed in 2001, Technomedia provides advanced entertainment, education and consumer experience solutions. In 2012, Technomedia is expected to generate annual revenues of $43 million and earnings before interest, tax, depreciation and amortization, or EBITDA of $5.7 million.
Looking ahead, Lorne Abony, chairman and CEO of Mood Media stated, "We see substantial opportunity to leverage the strengths of our combined businesses to build a truly first class consumer-experience powerhouse."
MM.L is currently trading at 114 pence, up 5.5 pence or 5.07 percent, on the LSE.
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