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appScatter set to acquire Piori in £13.5m deal

B2B app distribution and management company appScatter has today said it has entered a conditional sale and purchase agreement for the acquisition of Piori.

The firm is looking to acquire 100 per cent of the Software as a Service (SaaS) platform for £13.5m, split into £9.45m in cash and £4.05m worth of shares at a price of 70p per ordinary share.

appScatter floated on the London Stock Exchange in September last year for £41m, and will now look to expand its business through its acquisition of Piori.

Read more: £41m appScatter to float on London Stock Exchange's junior market tomorrow

The company will now complete associated fundraising to raise cash for the acquisition and the extra working capital resources for the enlarged group.

The long stop date for the acquisition and completion of the fundraising is 15 May 2018.

Philip Marcella, chief executive officer of appScatter Group stated:

We believe that this is exciting news for the customers of both companies. Priori publishers and clients will, on completion of the acquisition, benefit from wider distribution of their mobile apps across 75 app stores and appScatter clients will benefit from new services including keyword (ASO), app and market intelligence.

The acquisition would mark a major step forward in our quest to become the go-to source of information in the app ecosystem, in particular given the scarcity of companies with the quantity of data held by Priori.

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