Crossrider plc Acquisition (2333N)
24 October 2016 - 5:00PM
UK Regulatory
TIDMCROS
RNS Number : 2333N
Crossrider plc
24 October 2016
Crossrider plc
("Crossrider" or the "Company" or the "Group")
Acquisition of digital product for app distribution platform
Crossrider (AIM:CROS), the online distribution and digital
product company, today announces the expansion of its app
distribution business with the acquisition of PC maintenance
software product, DriverAgent, from eSupport.com, Inc. for a total
consideration of $1 million.
The bolt-on acquisition is in line with Crossrider's new
strategy, announced at the time of the interim results on 20
September 2016 ("Interim Results"), to strengthen the Group's B2C
reach allowing it to operate as a digital distribution and product
hub utilising its existing technology and intellectual
property.
DriverAgent is a leading device driver search and update service
which scans computers for outdated drivers and is designed for all
Windows operating systems. The product has been downloaded more
than 50 million times since 2006 and is designed for use with
desktop computers, tablets and mobile devices.
Prior to the acquisition of this product, the Group successfully
promoted it on the Crossrider's proprietary app distribution
platform, achieving a 125% increase in revenue from the product and
doubling the gross profit when compared with the monthly average
profit achieved prior to launch on the platform, as referred to in
the Interim Results. This early success gives the Board confidence
that DriverAgent can be integrated quickly and profitably and
evidences the Company's scalable app distribution business
model.
Ido Erlichman, Chief Executive Officer of Crossrider, said:
"This is a first bolt-on acquisition for Crossrider as we
accelerate our growth into the online product and distribution
space. Crossrider's expertise is and has always been in driving and
monetising online traffic, moreover as we announced in September,
we believe it is by concentrating our expertise on developing and
growing our app distribution hub that we will create the greatest
value for shareholders. Launching - and acquiring - new online
products to leverage our distribution funnel is one of the means by
which we will do this, and this acquisition is the first step on
the journey."
- Ends -
For further information contact:
Crossrider plc +44 (0) 20 3772 2496
Ido Erlichman, Chief Executive via Bell Pottinger
Officer
Moran Laufer, Acting Chief
Financial Officer
Bell Pottinger
David Rydell
James Newman
Sam Cartwright
Molly Stewart +44 (0) 20 3772 2496
Shore Capital
Bidhi Bhoma
Toby Gibbs +44 (0) 20 7408 4090
About Crossrider
Crossrider is an online distribution and digital product
company. The Company utilises its proprietary marketing technology
platforms to prospect, optimise and monetise mobile and web media.
Crossrider powers all aspects of an online product to create a
superb user experience. The Company offers improved retention and
re-engagement rates, greatly enhancing the value of user activity.
Crossrider provides its platforms to its customers for use with
their products as well as developing and expanding its own product
portfolio.
Crossrider's vision is to provide and develop best-in-class
digital products for its users globally.
www.crossrider.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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