Bigtincan Acquisition of Vidinoti, Integration Progress and Trading Update
Bigtincan Holdings Limited (ASX:BTH) (“Bigtincan” or the “Company”) is pleased to announce the tech focused strategic acquisition of Vidinoti SA (“Vidinoti”), a Swiss based leader in AR/VR technology. Vidinoti has developed a comprehensive suite of tools to create, deploy and manage augmented reality content including V-Director, V-Player and the Vidinoti SDK. Vidinoti holds patents in core areas of technology that will further advance Bigtincan’s leadership in this important technology sphere.
The Vidinoti team brings over 10 years of experience in AR and localisation technologies, with more than 50 projects across a diverse range of industries.
“We have been collaborating with the Vidinoti team for some time and I am delighted that we could now bring our companies together to accelerate development in this exciting space for enterprise use cases”, said David Keane, CEO and Co-Founder of Bigtincan.
The Company has entered into a binding Share Purchase Agreement (“SPA”), with the shareholders of Vidinoti to acquire 100 percent of the issued capital of Vidinoti (“Acquisition”).
Consideration for the Acquisition is ~$770,000 (550,000 Swiss francs) subject to adjustments for working capital and net debt. The consideration will be 50 percent cash and 50 percent equity. The cash component will be paid at Closing of the Acquisition and will be funded from existing cash reserves. The share component will be the issue of fully paid ordinary shares in Bigtincan to the value of 275,000 Swiss francs, at an issue price equal to the 30 day VWAP, as at the date 2 days prior to Closing. The shares will be issued within Bigtincan’s issuing capacity under ASX Listing Rule 7.1. The Page 1 share component to be issued to the executive shareholders of Vidinoti will be subject to voluntary escrow restrictions for 24 months (as to half) and 12 months (as to the other half), and are subject to forfeiture in certain circumstances.
The Acquisition is subject to customary closing conditions and is expected to close within the next two weeks.
Vidinoti revenue and costs in FY21 are not material and do not contribute materially to FY21 ARR.
As detailed at the Bigtincan Product and Technology Investor Day held in May 2021, the Company is pleased to confirm that it has completed the integration of ClearSlide into Bigtincan including the people, finance, technology and customer components of ClearSlide. The successful integration of Clearslide into Bigtincan has contributed to the achievement of the ARR target, and was completed ahead of schedule. More details on Bigtincan Engagement Hub Technology are available on the Bigtincan website.
“Achieving $53m in ARR before the end of the FY21 period is another milestone in the development of Bigtincan”, said David Keane, CEO and Co-Founder of Bigtincan, “This result demonstrates the ongoing progress of the Bigtincan business and arises from a combination of new orders in the USA, Europe and Asia/Pacific, together with expansion from existing customers, and shows that as the world continues to move forward and economies strengthen, Bigtincan technology is critical to the success of customer facing workers in an increasingly digital and remote economy.”
$53m in ARR represents a growth of 48 percent from the $35.8m achieved at end June 2020, driven by new deals and expansion with customers including Delta Airlines, BT and others. Bigtincan will provide the ARR numbers for 30 June 2021 in the Appendix 4C to be released in July 2021, and in full year FY21 results to be presented to the market in August 2021.
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