UK media software company Amino Technologies has announced its acquisition of Danish streaming and pay-TV platform provider Nordija for EUR 5.30 million for integration into Amino's 24i business. Nordija customers include Telenor Sweden, TET, Swisscom Broadcast, the Danish Broadcasting Corporation (DR), Waoo, Boingo Wireless, and Setar in the Caribbean. Nordija achieved EUR 3.70 million in revenue in FY 2020 and is expected to grow in 2021.
Amino said the acquisition of Nordija is expected to be earnings-enhancing in the first full financial year of ownership. The deal immediately adds approximately USD 1.80 million more annual recurring revenue (ARR).
The EUR 5.3 million consideration for Nordija is being funded by a combination of cash and equity. Amino has already paid EUR 4.10 million in cash and EUR 500,000 as equity. Another EUR 200,000 in cash and EUR 500,000 have been deferred, depending on whether certain targets are achieved. All equity consideration is subject to a two-year lock-up restriction.
The initial equity consideration was satisfied by the immediate issue of 315,511 new ordinary shares of GBP 0.01 each in Amino at GBP 1.48 each. A deferred issue will be made of 292,329 new shares at the same price.
Amino still retains the net proceeds of the recent GBP 9.40 million equity fundraising to fund future acquisition opportunities in order to help meet its 2025 strategy to address the convergence of streaming and traditional pay-TV. Amino aims to triple revenues and boost recurring revenue to 70 percent of software revenues by 2025.
