UK-based enterprise content management author and vendor Mediasurface plc just announced its desire to acquire Immediacy Ltd. for £5.6 million -- about 19,347,826 new Ordinary Shares -- plus deferred consideration of £0.80 per pound of net assets over £370,000. Immediacy develops, implements and markets Web CMS software designed for mid-sized organizations.
"The acquisition of Immediacy will further support our growth, completing the range of our content management product portfolio and confirming our position as a leading force in this expanding market," said Mediasurface CEO Lawrence Flynn.
The good chief added, "Immediacy is complementary to our existing products, providing a web content management solution for mid-sized businesses thereby ensuring we have a compelling proposition to all sizes and types of companies and organizations and significantly increasing the marketplace that we can address.
"There is also a strong cultural, technological and business fit between the two organizations that will help us quickly integrate Immediacy and drive additional business through the enlarged Mediasurface group."
The acquisition would also poise Mediasurface to address a much broader Web content management audience.
KBC Peel Hunt will raise about £4.45 million, plus a £2 million term loan facility secured by the company. These funds will help strengthen the overall balance sheet as the acquisition occurs.
In May, Mediasurface was dubbed Best ECM Partner by Google. The company went public in 2004.