Vista buys 50% stake in UK film marketing firm Powster for undisclosed sum
The deal was effective from March 31.
Vista Group International [NZX: VGL], the cinema software and analytics firm, has bought a 50% stake in UK-based movie marketing company Powster for an undisclosed sum.
The deal was effective from March 31 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 and 2017 financial years. Powster is a "high-growth, profitable company" and should add to Vista's revenue and earnings in 2016 and subsequent years, it said.
"To have the opportunity to work with Powster to realise these and other opportunities that ultimately enable Vista to offer new and improved technology solutions to our customers, is a development we're delighted to announce," chief executive Murray Holdaway said. "Powster's expertise in the management and manipulation of content directly benefiting our sector is proven and we love to partner with companies like Powster who share our passion for the movies and can enable us to add yet more value."
Powster was founded in 2009, and provides film marketing products, music videos and creative content over a global platform, which more than 40 movie studios have used in the US and around the world to direct audiences to buy tickets. It employs 14 staff, all in the UK.
Vista has been expanding its global operations through a number of joint ventures and acquisitions since going public in 2014, and in February 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 $5.40 and have declined 6.3% this year.
(BusinessDesk)
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Paul McBeth
Mon, 04 Apr 2016
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Vista buys 50% stake in UK film marketing firm Powster for undisclosed sum
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