Quint set to acquire Middle-East media tech firm worth $10 million
The acquisition of the “profitable” company is likely to be completed by March 1, 2024
Quint Digital Limited (QDL) on Monday informed BSE that it has entered into an exclusive, non-binding Letter of Intent to acquire a significant majority stake in the leading Digital Content Management System and Services group having a presence in the Middle East, Far East and African regions, at a valuation of approx USD 10 Million.
The company has not disclosed the name of the middle-east firm.
“The non-binding Letter of Intent provides an exclusive negotiation period of 90 days during which QDL will conduct necessary due diligence and negotiate definitive, binding agreements. Preliminary diligence, which is subject to confirmation, shows that the target company is profitable, and the acquisition is expected to be strongly EPS accretive,” QDL stated in the letter.
“The proposed acquisition is in-line with the strong pivot made by the Company towards being a digital and media-tech/AI-focussed company. It is anticipated that the final transaction subject to completion of customary due diligence, negotiation, and execution of definitive binding agreements, and required approvals, will be completed by March 1, 2024,” it further said.
QDL had in August 2023 rebranded itself as a pure play ‘digital’ company’ to resonate better with its vision, strategy, and digital focus.
QDL also owns a majority stake in Quintype Technologies India Limited, the AI-powered Digital Newsroom Growth Platform that empowers publishers in India, the USA, Europe, the Middle East, and Africa to create, distribute and monetise their content.
