- Cloud communications company IMImobile said it would raise up to $25.2m through the placing of shares to support the acquisition of 3CInteractive for $53.2m.

The acquisition was expected to be immediately earnings accretive, being marginally accretive in the current year ending 31 March 2020, with low double-digit earnings accretion in the year to 31 March 2021, the company said.

The acquisition would accelerate IMImobile's growth strategy and further strengthen the group's position in North America, the largest addressable market for the group's software.

'The acquisition will provide an opportunity to introduce the Group's core Enterprise CPaaS capabilities and suite of customer engagement products into the US, which is our largest addressable market,' IMImobile said.

Under the rems of the agreement, Imimobile would pay $43.2m in cash on and $10.0m through the issuance of up to 2,567,256 shares, which would be deferred for up to two years with founders and key employees subject to a further 12 month orderly market agreement thereafter, the company said.

IMImobile would fund the initial consideration of $43.2m through the drawdown of new debt facilities of up to $18.7m (£15.0m) and a proposed placing of up to 6,533,422 shares, about 9.7% of shares outstanding at a price of 310p per share to raise gross proceeds of up to $25.2m.

At 9:54am: [LON:IMI] IMI PLC share price was -8.75p at 1011.25p

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