Fri, 01 Jul 2022 | BUSINESS SALE
Gifting and engagement company, Appreciate Group has acquired a gift card technology provider to accelerate its technology plans.
The Liverpool-based company, advised by Liberum acquired MBL Holdco from Redu Group on 24th June 2022 for an initial cash consideration of £1.65m, however, there is a further £1.8m which has been deferred for 12 months dependent on “certain criteria being met.”
Ian O'Doherty, chief executive at Appreciate Group, said: "The acquisition of MBL rapidly accelerates the group's technology plans and immediately enhances our capabilities, particularly in our corporate business, where we are already enjoying increased customer demand for our products.
"The MBL platform will help us improve the competitiveness of our offerings and bring forward opportunities that can deliver higher levels of growth. We look forward to working with the MBL team to enhance our proposition for our customers and create value for our shareholders."
MBL Holdco, which specialises in end-to-end gift card processing and management services, has a SaaS offering which enables businesses to launch their own gift card websites as well as a digital gift card mall where B2C and B2B customers can purchase gift cards directly from a catalogue of over 160 high-street retailers.
Adam Hobbs, head of retail partnerships at MBL, added: "MBL becoming part of Appreciate Group is positive news for customers and partners of both organisations.
"Both MBL and Appreciate Group see clear opportunities to bring together each other's technology and market position to enhance the services and products they provide. The team at MBL is looking forward to working with Appreciate Group to realise its plans."
Ryecroft Glenton Corporate Finance provided advice to the shareholders of MBL and Weightmans LLP provided legal advice.
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