Synchronica plc (AIM: SYNC) a leading specialist mobile email and synchronisation provider announced that it has entered a conditional agreement to acquire for the operating subsidiary of one of its competitors - AxisMobile plc (AIM: AXIS).
Synchronica will issue 85,102,041 new ordinary shares to AXIS to complete the acquisition, which will be funded by raising £5.1million from two institutional placings. The company reports that these placing, of 169,466,399 new (1.0p) ordinary shares at 3p per share, are supported by a number of existing and new investors.
Synchronica's CEO, Carsten Brinkschulte said:
“We aim to build a world-leader in the market of consumer mobile email and synchronisation solutions, and this acquisition is a key milestone which will improve our competitive positioning and accelerate our commercial growth”
Synchronica also announced that Sun Microsystems Inc has confirmed it option the first major version of its server sync suite.