Release of final earn-out amount re Fortumo

RNS Number : 6342L

Boku Inc

14 September 2021

 

14 September 2021

Boku, Inc.

("Boku" or the "Company" and, together with its subsidiaries, the "Group")  

Release of final earn-out amount - Acquisition of Fortumo Holdings Inc.

Boku (AIM:BOKU), a leading global mobile payment and mobile identity company,  acquired the entire issued share capital of Fortumo Holdings, Inc. and its subsidiaries ("Fortumo") (the "Acquisition") on 1 July 2020 .

As part of the terms of the Acquisition, 12% of the total maximum consideration, equating to approximately USD$5.4 million (£4.3 million), was held in escrow, subject to Fortumo's EBITDA-earn-out, working capital and indemnity conditions.

A final earn-out payment of USD$2.16 million based on Fortumo Adjusted EBITDA performance for the 12 months to 30 June 2021 has been released from escrow and paid on 10 September to Fortumo's selling shareholders. The balance of USD$3.24 million was returned to Boku.

For further information, please contact:

Boku, Inc. Jon Prideaux, Chief Executive Officer Keith Butcher, Chief Financial Officer	020 3934 6630
Peel Hunt LLP (Nominated Adviser and Broker) Edward Knight / Paul Gillam / James Smith	020 7418 8900
IFC Advisory Limited (Financial PR & IR) Tim Metcalfe / Graham Herring / Florence Chandler	020 3934 6630

Notes to Editors

Boku Inc. (AIM: BOKU) is a leading global provider of mobile payment and identity solutions. Its Mobile First Payments Network 'M1ST' features 330+ mobile payment methods, including mobile wallets, direct carrier billing, and real-time payments schemes, reaching 5.7 billion mobile payment accounts in 90 countries - all through a single integration.

Customers that trust Boku to simplify sign-up, acquire new paying users and prevent fraud include global leaders such as Apple, Facebook, Google, Microsoft, Netflix, PayPal, Sony, Spotify and Tencent.

Boku Inc. was incorporated in 2008 and is headquartered in London, UK, with offices in the US, India, Brazil, China, Estonia, France, Germany, Indonesia, Japan, Singapore, Spain, Taiwan and Vietnam.

To learn more about Boku Inc., please visit:  https://www.boku.com .

 

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