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Eagle Eye Solutions Group PLC on Wednesday said it has agreed terms for the acquisition of Untie Nots and its subsidiaries for an initial consideration of €15.0 million.
The London-based marketing solutions provider's initial payment initial payment will be made through €9.1 million in cash and €5.9 million in new shares of Eagle Eye.
An additional "performance-linked earn-out" consideration of €23.8 million is also payable to Untie Nots' selling shareholders.
Paris-based Unite Nots provides retailers with AI powered promotion and gamification software-as-a-service. Its revenue grew to €3.0 million in 2021 from €1.6 million in 2020, and its loss in earnings before interest, taxes, depreciation, and amortisation narrowed from to €403.0 million from €923.0 million year-on-year.
To help fund the acquisition, Eagle Eye placed 1.3 million ordinary shares at 555.0 pence per share, raising £7.0 million.
Eagle Eye shares were down 1.6% to 568.1p on Wednesday afternoon in London.
Chief Executive Officer Tim Mason said: "The acquisition of Untie Nots will provide us with accelerated entry into the French digital promotions market, bring some of Europe's largest grocers into the Group and add to our growing roster of US clients, providing a wealth of cross-sale opportunities. At a time when retailers are accelerating their digital promotions activities to retain and grow their customer bases, we believe Untie Nots' gamification technology will resonate across our customer base and pipeline."
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