AppScatter snaps up digital security outfit Abilott
Mobile app management platform AppScatter has inked an agreement to acquire digital security outfit Abilott for as much as £2.24m.
The AIM-listed firm will make an initial consideration of £1.24m, with a potential further consideration of up to £1m dependent on meeting certain performance targets in the first year following the acquisition.
Abilott, which has been working closely with appScatter for the last two years providing security and regulatory compliance services for the firm, generated revenues of £1.5m and a pre-tax loss of £170,998 in its last trading year.
Chief executive Philip Marcella, said: "The acquisition of Abilott is a strategic milestone for appScatter, enabling us to bring our security services that we previously outsourced in-house, significantly improving our margin."
"The acquisition, combined with the acquisition of Priori that we completed earlier this year, significantly boosts the overall appScatter offering."
As of 1030 GMT, appScatter shares had picked up 2.56% to 20p.