CentralNic acquires New Zealand-based domain name retailer
Domain names provider CentralNic completed its acquisition of New Zealand-based business Ideegeo on Wednesday.
CentralNic snapped up Ideegeo, a privately owned domain name company which operates from the retail website iwantmyname.com, for a total purchase price of NZD $5.2m, 10% of which will be held in escrow until May 2021.
The AIM-listed group said the acquisition was both strategic and earnings accretive, delivering operational cost savings through vertical integration as well as permanently locking in important revenue streams for the group.
CentralNic believes that cross-selling opportunities to provide Ideegeo's 80,000 customers with its extended product offering remained, including hosting, SSL certificates and other additional subscription products and services.
Notably, Ideegeo was one of the largest customers of Hexonet, recently acquired by CentralNic.
Chief executive Ben Crawford said: "The acquisition of Ideegeo adds more to CentralNic's retail group than additional earnings, customers and synergies.
"Its leading User Interface and Customer Engagement solutions, and the team that created them, represent a further differentiator for CentralNic's global retail business from the competition to support our organic growth."
As of 0850 BST, CentralNic shares had dipped 0.92% to 57.96p.