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appScatter proposes acquisition of SaaS provider Priori Data
Software as a service developer appScatter has approached Priori Data, a business-to-business mobile app intelligence SaaS platform provider, regarding a proposed acquisition of the firm's entire issued share capital, something the group's board believes will boost its business by creating a source of app data intelligence.
In addition to drawing on Priori's 299bn downloads across five million apps in 55 categories, as well its six billion devices across 252 territories, appScatter highlighted that its existing offering would be boosted by placing Priori's app data intelligence capability alongside its app management platform, encompassing distribution, analytics, intelligence and the appScatter marketplace.
As a result, appScatter had entered into a conditional sale and purchase agreement for the acquisition of 100% of the share capital of Priori for a total consideration, payable upon completion, of £13.5m, of which £9.45m will be payable in cash, with a further £4.05m to be satisfied by way of the issue of 5,785,715 new ordinary shares in the company at an effective issue price of 70p per share.
To effect the acquisition, appScatter will complete an associated fundraising, expected to be completed on 15 May, to fund the cash consideration and provide additional working capital resources for the enlarged group of no less than £15m.
Philip Marcella, appScatter's chief executive officer, said, "We believe that this is exciting news for the customers of both companies. Priori publishers and clients will, on completion of the acquisition, benefit from wider distribution of their mobile apps across 75 app stores and appScatter clients will benefit from new services including keyword (ASO), app and market intelligence."
"The acquisition would mark a major step forward in our quest to become the go-to source of information in the app ecosystem, in particular given the scarcity of companies with the quantity of data held by Priori," Marcella added.
As of 1000 GMT, shares had lost 6.75% to 76.00p