Cloud purchases Imagine The Future for PLN 320 million

Cloud Technologies will buy Imagine The Future for PLN 320 million, Cloud reported in a press release on Tuesday. Cloud said that the transaction will enable the company to integrate vertically and increased margins in its core business, in particular through the use of competence in Big Data and releasing technology. “Of the proposed transaction, not less than PLN 20 million will be paid from its own fund…PLN 80 million will be financed with a loan or a bond issuing, while the remainder will be covered through a share issue directed exclusively to the owner the acquired company. The Board intends to recommend to the General meeting adoption of capital, which will allow the issuance of shares as provided in the framework of the proposed transaction,” the statement read. The Company intends to proceed with the transaction before the December 31, 2016 and settle it in tranches of PLN 200 million paid in 2017, and PLN 120 million paid in 2018. Prices will be set at PLN 100 per share. Imagine The Future provides services primarily in online marketing efficiency. It operates on 36 markets worldwide and does a lot of business outside of Poland, with a total of PLN 90 million in sales revenue for 2016. Cloud Technologies operates in the online advertising market in Cloud Computing, storing large data sets (Big Data). In May of this year, it began trading its shares on the NewConnect market of the WSE.