HoT Signed for the acquisition of Socrates Imaging

Visum Technologies PLC

22 February 2024

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

22 February 2024

VISUM TECHNOLOGIES PLC
("Visum" or the "Company")

Heads of Terms Signed for the acquisition of Socrates Imaging

Visum Technologies Plc (AQSE: VIS), a video capture technology company with a global focus on the leisure sector, is pleased to announce that it has entered into exclusive non-binding Heads of Terms ("HoT") to acquire the entire share capital of Socrates Imaging B.V., a company based in the Netherlands, and Socrates Imaging Ltd, a company based in the United Kingdom (together "Socrates Imaging"), for a combination of cash payment and new ordinary shares in Visum totaling €2 million (the "Proposed Acquisition"). Exclusivity has been granted to Visum in relation to the Proposed Transaction until 31 March 2024.

Established in 1990, Socrates Imaging has cultivated a distinguished legacy of excellence over three decades, emerging as a trailblazer in photo and video capture souvenirs within the travel and leisure market. Renowned for its unwavering commitment to innovation, Socrates Imaging stands at the forefront in diverse domains, including ride photo, green screen, studio, and roaming photography.

Their expertise extends beyond conventional boundaries, encompassing on-ride video production. Notably, Socrates Imaging is set to collaborate seamlessly with Visum's proprietary video solution, creating a powerful synergy that promises to elevate the standards of video capture and production in the industry. This strategic partnership exemplifies a shared dedication to pushing the boundaries of creativity and technology, ensuring a future where every moment is captured with unparalleled precision.

The Proposed Acquisition is subject to (i) Visum satisfying the cash payment agreed with the vendor; (ii) customary legal, financial, and other due diligence for a transaction of this type; (iii) entry into a legally binding share purchase agreement ("SPA"); and (iv) shareholder approval. While the parties are in advanced discussions regarding the terms of the SPA, there can be no certainty that a binding agreement will ultimately be reached or that the pre-conditions referred to above will be satisfied or waived and, hence, the Company cannot guarantee that the Proposed Acquisition will be completed. 

Marc Dixon, CEO of Visum, commented:

"We are thrilled to announce the heads of agreement for the acquisition of Socrates Imaging. The union of our organizations, leveraging Socrates Imaging's extensive experience, over 150 client contracts and cutting-edge technology, promises to be mutually beneficial. This exciting partnership will enable Visum to deliver innovative capture technology, further enhancing our commitment to providing exceptional solutions to our valued customers."

Pim Sonepouse, Founder of Socrates Imaging, added:

In 1990, Socrates developed the first digital ride photo system, quickly followed by a series of new-to-market and innovative products. The quality and reliability of our photosystems are second to none, with the best yet to come in season 2024. I am very excited about the potential collaboration with Visum. It will both accelerate our growth and bring exciting new products and features quicker to market.

The directors of Visum accept responsibility for this announcement.

ENDS

About Visum Technologies

Visum Technologies Plc (AQSE: VIS) is a capture technology firm primarily focusing on the global leisure market. Their mission is revolutionizing capture technology, initially targeting specialized niches within the leisure industry. Visum captures, generates, and distributes branded, real-time digital content. They do this through a combination of proprietary hardware and software solutions that can be distributed and shared on all leading social media platforms. Whenever Visum identifies complementary technologies that can enhance its core offerings, expand its global presence, or facilitate entry into new markets, they are open to partnerships or acquisitions. For more information, please visit www.visumtechnologies.net.

For further information, please contact:

Visum Technologies Marc Dixon, Chief Executive Officer	[e-mail] 011 [phone]
First Sentinel Corporate Finance Limited (AQSE Corporate Adviser) Brian Stockbridge	[e-mail] [phone]

 

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