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Bango buys Digitouch's Audiens; raises £5m in placing
Mobile payments company Bango on Wednesday said it had raised £5m through a placing and was buying Digitouch unit Audiens.
The shares are being placed at 180p each. Bango said the placing and the acquisition were to allow it to capitalise on demand for the data it generates through existing operations and enable the its platform to "provide additional value to the rapidly-growing mobile advertising market".
Bango said it would pay 1.48m (£1.3m) in cash immediately and 0.63m (£0.55m) for provision of shared services for up to 12 months from the date of the acquisition.
Digitouch will also get 521,803 Bango ordinary shares at 180p each and the grant of 738,399 warrants over Bango ordinary shares exercisable for a period of 10 years at the same price.
"Bango believes that the Audiens technology complements and accelerates the Bango data strategy by 12-18 months, enabling Bango customers and other advertisers to improve marketing effectiveness," the company said.
"This acquisition will also enable mobile operators that partner with Bango to more efficiently and successfully monetize valuable consumer data."