Globo Plc. (GBO.L), a provider of Enterprise Mobility Management, mobile solutions and software as a service, said it has signed a conditional Letter of Intent to acquire the business and assets of a Bring-Your-Own-Device or BYOD and Mobile Security software provider based in Europe.
The basic terms of the LOI include a total acquisition value of 14.0 million euros with an upfront payment of about 6.5 million euros.
The vendors of the company have requested for commercial reasons that, until a final agreement is reached, the company name remains confidential, Globo added.
The company offers a set of security solutions for the mobile industry with strong focus on BYOD and Mobile Applications Security. It has a successful track record with customers in the banking, finance and public sectors.
The company's revenue is based predominantly on annual recurring license fees, and has a projected December 2015 year-end IFRS adjusted EBITDA of 900 thousand pounds, with considerable EBITDA growth predicted over the next two years.
There is no current overlap between the company's and Globo's personnel and customer bases.
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