Bristol tech company acquired in deal worth £1.28m
A data technology company based in Bristol has been acquired for £1.28m.
Electric Guitar, a special purpose acquisition company seeking acquisitions in the digital marketing and advertising industry as a provider of first-party data solutions.
It has announced the final terms for the proposed acquisition of 3radical Limited, a marketing technology company for consumer data acquisition and audience engagement solutions.
3radical has created and proven a Software as a Service platform, 3radical Voco, which enables organisations to engage individuals and request their data directly using progressive and interactive digital experiences, at scale.
3radical Voco is already deployed by some major brands in the UK, US and APAC, with its scalability and robustness proven by demanding clients across financial services, online gaming and e-commerce sectors, amongst others.
Based on the issue price of 2.1p per share, the market capitalisation of the Enlarged Group will be approximately £4.70m on admission to the AIM market.
David Eldridge, a founder and the Chair of 3radical, Caroline Worboys and Grahame Cook will be appointed as Non-Executive Directors of the Company, and Sarfraz Munshi will leave the Board.
John Regan, chief executive of Electric Guitar, said: “We are delighted to announce final terms to acquire 3radical, a fundraising and our application to be quoted on AIM. We believe that 3radical’s sophisticated customer engagement and first-party data technology align perfectly with our strategy to acquire businesses that help marketers maximise the value of first-party data.
“I would like to thank both new and existing investors who have shown their support during the fundraising process, and I believe that this is a testament to our Company being well-positioned to capitalise on the changing regulatory environment in digital marketing and advertising, especially during the global pivot away from third-party cookies.
“We believe that our admission to AIM will provide us with further access to growth capital, which will enhance our strategy to acquire and invest in businesses operating in similar industries, and we look forward to updating the market on future opportunities in due course.”
David Eldridge, Chairman of 3radical, added: “By our admission to AIM through our reverse takeover with Electric Guitar, we believe we will have access to the funding, talent, and profile to grow our business and enhance our technology.
“With the current shift in the structure of the online marketing and advertising industry towards first-party data solutions, we believe that the enlarged group is in a strong position to capitalise on this trend and enhance shareholder value.”
