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WIN snaps up a cracking £5 deal
The deal comprises a deferred consideration of up to £3.5 million, subject to financial performance at the acquired firm for the year to January 2009. WIN will also take on Pop-i Media’s debt of £125,000. The first 25 per cent of any deferred consideration will be in cash and the balance paid in cash or WIN shares.
The target firm supplies individuals with services to upload images to media websites, principally ITN and Sky, and facilitates interactive competitions and promotions for the two media clients.
Chief executive of WIN, Graham Rivers, said: “This acquisition provides an exciting opportunity to make greater use of picture messaging, as well as allowing us to develop our existing media business.”
For the year ended September 2006 Pop-i’s turnover was £1,500 with pre-tax loss of some £4,000.
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