DATA Globaldata Plc

TIDMPRO

RNS Number : 6610L

Progressive Digital Media Group PLC

08 July 2014

8 July 2014

Progressive Digital Media Group plc ("Progressive" or "the Group")

Acquisition of CurrentAnalysis Inc.

Progressive Digital Media Group plc is pleased to announce its agreement to acquire the entire issued share capital of CurrentAnalysis Inc. ("CurrentAnalysis"), for a gross consideration of US $19.6 million in cash payable on completion. Completion, which is subject to the approval of CurrentAnalysis shareholders, is expected to occur within 30 days and will be funded from the Group's existing cash resources.

Background to the Acquisition

CurrentAnalysis is an established and well regarded business which provides subscription based business intelligence services to the ICT industry. The acquisition supports the Group's strategy of expanding its premium subscription based services into global markets. CurrentAnalysis has offices in Washington D.C, London and Singapore.

For the financial year ended 31 December 2013, CurrentAnalysis reported revenues of approximately US $13.0 million, with net liabilities of approximately US $2.3 million.

The Progressive Board believes that, with the benefits of being part of the enlarged Progressive Group, the Acquisition will be earnings accretive within the first twelve months post acquisition, though the impact on the Group results to 31 December 2014 are expected to be broadly neutral.

Commenting on the acquisition Simon Pyper, Chief Executive of Progressive Digital Media, said:

"The acquisition of CurrentAnalysis satisfies all of our acquisition criteria, providing subscription based business information services to blue chip companies operating in a global sector. Additionally, CurrentAnalysis augments our existing platform and significantly increases our footprint in the key North American market."

For further information please contact:

Progressive Digital Media Group plc

Simon Pyper

Chief Executive

Tel: 0207 936 6400

N+1 Singer

Nominated Adviser to the Company

James Maxwell/Nick Donovan

Tel: 0207 496 3000

Hudson Sandler

Financial and Corporate Communications

Nick Lyon

Tel: 0207 796 4133

This information is provided by RNS

The company news service from the London Stock Exchange

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