Sale of Mirada Connect for £2.1m
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
5 July 2019
("Mirada", the "Company" or the "Group")
Sale of Mirada Connect for £2.1m
Mirada plc (AIM: MIRA), a leading provider of integrated software solutions for digital TV operators and broadcasters, is pleased to announce that it has sold its payment solutions provider business, Mirada Connect Limited ("Connect"), for a cash consideration of £2.1 million (before expenses).
Connect was a wholly owned subsidiary of Mirada and provides cashless payment solutions to car park operators in the UK. Connect was not a core business of the Group and operated independently of Mirada's main digital TV business.
Connect has been sold by the Company to PayByPhone UK Limited (part of Volkswagen Financial Services), a market leading pay by phone payment operator for parking, pursuant to the terms of a share sale agreement which, inter alia, contains certain warranties, indemnities and restrictive covenants given by the Company. The Company intends to use the net proceeds of the sale of Connect for general working capital purposes.
In the year ended 31 March 2019, Connect recorded revenue of £633,000 and a profit before tax of £122,000 and was valued at £556,000 on the Company's balance sheet at that date.
José Luis Vázquez, Chief Executive Officer
Gonzalo Babío, Finance Director
+44 (0) 207 868 2104
+44 (0) 20 7653 9850
Allenby Capital Limited (AIM Nominated Adviser and Broker)
+44 (0) 20 3328 5656
Mirada is a leading provider of products and services for Digital TV Operators and Broadcasters. Founded in 2000 and led by CEO José Luis Vázquez, the Company prides itself on having spent almost 20 years as a pioneer in the Digital TV market. Mirada's core focus is on the ever-growing demand for TV Everywhere for which it offers a complete suite of end-to-end modular products across multiple devices, all with innovative state-of-the-art UI designs.
Mirada's products and solutions, acclaimed for unparalleled flexibility and optimal time to market, have been deployed by some of the biggest names in digital media and broadcasting including Televisa, Telefonica, Sky, Virgin Media, BBC, ITV and France Telecom. Headquartered in London, Mirada has commercial representation across Europe, Latin America and Southeast Asia and operates technology centres in the UK, Spain and Mexico.
For more information, visit www.mirada.tv.
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