Tangibal acquires Infotech Digital
Tangibal has announced the completion of its acquisition of fellow technology firm Infotech Digital.
Technology firm Tangibal has completed the acquisition of Infotech Digital, a supplier of digital supplies and interactive digital signage.
Sales negotiations between the two led to an agreement that will involve the vendor shareholders of Digital receiving 100,908,868 shares in the merged company, which represent 80 per cent of its issued share capital before the placing and 58.83 per cent afterwards.
The completion of the acquisition is conditional on a shareholder vote to waive the obligation under Rule of the Takeover Code for Digital vendors to make an offer for the whole issued share capital of Tangibal.
Once the transaction is completed, three existing Infotech directors will leave their posts, to be replaced by new appointees chosen by Tangibal.
Jonathan Hall, Tangibal's chairman, said: "Digital's international coverage, together with the funds being raised from the placing, will allow Tangibal to expand its interactive screen networks globally."
Tangibal made a loss in the first half of this year of £652,000, but chief executive Dominic Berger insisted the firm had "successfully negotiated" its way through a tough economic period.