Vista buys NZ movie website Flicks for undisclosed sum
Vista Group International [NZX: VGL], the cinema software and analytics firm, bought movie website Flicks for an undisclosed sum.
The deal was effective today and, while the terms are confidential, Vista said it's based on an initial payment with future top-ups contingent on earnings in the 2016 financial year. Flicks is a profitable company and, while its revenue and profit are not material to Vista, it will add to Vista's revenue and earnings in 2016 and beyond, the Auckland-based company said in a statement.
"We have followed Flicks for a long time and have always been aware of the synergistic benefits of combining Flicks with Vista," chief executive Murray Holdaway said. "We're delighted to be finally realising the opportunity, and with (founder and shareholder) Paul Scantlebury continuing to lead the business, the continuation of the style and content that users of the Flicks site are accustomed to will continue."
Flicks is a movie website that features every film playing in New Zealand, providing information, trailers, user and press comments, movie times, cinema profiles, film reviews and news.
Vista has been expanding its global operations through joint ventures and acquisitions since going public in 2014, and in February Mr Holdaway said the company had about $27.3 million of cash on hand that it would use for any new purchases.
The shares last traded at $5.34 and have declined 7.1% this year.
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