E-learning company ThirdForce Plc has confirmed that it is to acquire digital television production company AV Edge Ltd for just over 500,000 euros ($637,400).
It will pay for the company through the issue of 771,033 shares and the payment of 245,475 euros ($312,759) in cash.
Dublin, Ireland-based Thirdforce was previously a point-of-sale technology company known as Rapid Technology Group Plc. However, in March 2003 it transformed itself into an E-learning company after it acquired Electric Paper for 15m euros ($19.1m). The new company was renamed ThirdForce.
AV Edge, makes educational programs for Irish television, as well as educational CD-Roms. In the year to June 2003, it generated a net operating profit of 29,000 euros ($36,948) on revenue of 877,000 euros ($1.11m). The Dublin-based company employs seven people on a full-time basis.
ThirdForce chief executive Brendan O’Sullivan said: This transaction is in line with our stated strategy of acquiring businesses and establishing partnerships that significantly broaden our product range and distribution channels. We have stated that we want to broaden our portfolio and extend our reach into the literacy and life-skills areas. This acquisition is the start of that process.
This article is based on material originally published by ComputerWire