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Bango's Audiens subsidiary hits its targets ahead of schedule

"We end 2019 in a strong position, and I look forward to growing the business further in the years to come," said Marko Mara, the founder and CEO of Audiens

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"Growing the Audiens business within the Bango group is a successful model.

Mobile commerce company Bango PLC (LON:BGO) said its Audiens subsidiary has hit revenue and other targets two months ahead of schedule.

Audiens was acquired in January of last year, at which time “ambitious financial targets” were set: these have been met by Audiens building on its commercial success in Italy, winning new customers, leveraging Bango’s global presence and expertise, developing its product and providing excellent customer service, according to Bango’s stock market statement.

READ Bango to speed up data monetisation drive with acquisition of Audiens

As a result of the targets being hit, Marko Mara, the founder and chief executive officer (CEO) of Audiens will receive in January the deferred incentive payment of €1.16mln (roughly £1mln) agreed on at the time of the acquisition, as a result of which Bango’s stake in Audiens will rise to 100%.

"Working with the Audiens team has been a rewarding experience. It has continued to grow its core CDP [customer data platform] and data business as part of Bango and is expanding outside Italy building on its powerful, easy-to-use, self-serve capabilities,” said Ray Anderson, Bango’s CEO.

“The Audiens team in Milan has supported Bango developers in Cambridge to adapt key Audiens technology and relationships for use inside the Bango Platform. Bango is now able to monetise data using Bango Marketplace – providing marketable audiences of users with a history of in-app payment,” he added.

“The Bango virtuous circle strategy of accelerating merchant growth by using payment data continues to build and we see significant opportunities ahead for the long-term,” Anderson declared.

Quick facts: Bango PLC

Price: 136 GBX

LSE:BGO
Market: LSE
Market Cap: £96.09 m
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