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Defenx acquires cloud-backup business

“This is an extremely exciting development for Defenx and Memopal," the AIM quoted firm's chief executive said.

hand shake on a deal
The cash element of the deal is €440,000

Defenx plc (LON:DFX) has announced a deal worth €2.34mln to acquire a majority stake in cloud-backup business Memopal.

The AIM quoted technology group, which specialises in security software for mobile devices, is acquiring a 95.2% stake in Memopal by paying up to €1.78mln and taking on €0.56mln of loans.

Initially, Defenx is paying €1.40mln in combinaton of cash (€440,000) and shares (worth €950,000 on August 1). A further €560,000 may be paid in shares by December 31 2017 subject to Memopal meeting certain earnings targets.

Defenx told investors the deal is line with strategy to diversify the company’s product portfolio and it is expected to be earnings enhancing, after sales and cost synergies, in the first full financial year.

Andrea Stecconi, Defenx chief executive, in a statement said: “This is an extremely exciting development for Defenx and Memopal.

“The bundling of Defenx's security software with Memopal's cloud backup and sync product offers a compelling proposition to channel partners and end-users alike.

“With Memopal's location at the heart of Pi Campus in Rome, the Group will gain access to a great pool of talent and ideas. We look forward to integrating Memopal's products, customers and team into Defenx to further deliver shareholder value."

Quick facts: Defenx PLC

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AIM:DFX
Market: AIM
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