Online advertising services provider Burst Media has completed the acquisition of Giant Realm Inc, which runs an ad network covering gamer and entertainment enthusiasts.
Burst has also acquired the New York-based companyís technology which it can use in the rest of the business. Burst paid $2.1m in cash plus 2.5m shares. The shares canít be sold before the start of 2011.
The acquisition will add $1.4m to 2009 revenues and should be earnings enhancing in 2010. It also gives Burst access to the 18-34 year olds market.
Burst reported a decline in interim revenues from $13.4m to $12.1m. The loss increased from $550,000 to $991,000. Cash is reducing but there was still $9.43m in the bank prior to the acquisition and the buying back of £300,000 of shares. This should still be near $7m.
At 9.5p a share, Burst is valued at £6.71m.
Burst rejected a proposed 12p a share bid from Cyberplex Inc during July 2009.
Three directors, Brian Emsell, James Garrity, Steven Hill, David Stein and David Hanger, bought shares at 12p each following the interim figures.
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