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Mobile email and synchronisation group Synchronica has announced the acquisition of the operating subsidiary of troubled Aim-quoted rival, AxisMobile, in a bid to bolster its product offering and grow its overseas footprint.
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The deal will be funded by the issue of 85.1m new Synchronia shares, and will give the company access to AxisMobile's 3m end users. It also provides Synchronica with technologies for lower-end phones and attachments, allowing it to provide a full service product offering.
Synchronica can also exploit AxisMobile's eastern European and Russian position. And it has raised £5.1m to execute its overseas growth plans which will see the group expand across Asia, the Middle East, Africa, eastern Europe and Russia.
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Synchronica will issue over 250m new shares in total, compared to 147m currently in issue, so it's hardly surprising that the price has dropped. There's also the risk of execution. At 4.25p, the shares are fairly priced.
Last IC view: Buy, 6.4p, 16 Apr 2008
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-IC-1.9.0c-prod - 15/05/2009 11:00:33 - stuart.turner
