XLMedia acquires gaming company following its IPO's strategy
Online marketing company XLMedia acquired social gaming ExciteAd Digital Marketing (EDM) as part of its strategy as set out at its initial public offering (IPO) in March.
The $19m take-over in cash and shares is expected to be immediately earnings enhancing, the company said on Monday.
XLM said the deal will enable the company to diversify the business into new products and markets and target new customers.
EDM's main market is in the US, which will expand XLM's geographic reach.
"One of the main reasons behind our IPO was to enable the group to act as a consolidator in highly fragmented markets," said chief executive Ory Weihs.
"Since listing, we have been working hard to execute such deals and are therefore excited to conclude the acquisition of EDM," he said.
XLMedia's shares were up 11.67% at the close to 67p on Monday.
JF