Globo to acquire mobile security company in deal worth up to €14m

Enterprise software company Globo has signed a letter of intent to acquire an unnamed mobile security company for up to €14m (£10.2m).

The London-listed group said the companyoffers mobile security services and boasts clients in the finance, public and banking sectors. The identity of the takeover target will remain confidential until a final agreement is reached,

Globo will pay €6.5m up-front, with further payments to be made based on the performances of the acquired company over the first two years of ownership.

The addition of both the technology and team will bring substantial benefits to Globo, enhancing our product portfolio with new functionalities and strengthening our solutions' security," said group chief executive Costis Papadimitrakopoulos.

Globo added it expects the acquisition to be completed in October and to be immediately earnings enhancing.

Globo shares were up 3.75% to 34.24p at 0912 BST on Wednesday.