XLMedia buys the rest of Mamar Media

The AIM-traded firm said the total consideration, payable in cash, was comprised of $2.25m to be paid immediately, and an additional amount representing 46% of Marmar's distributable net profits for the period from 1 January to 31 July this year, less an amount representing working capital commitments.

XLMedia initially acquired a 54% stake in Marmar, which specialises in performance-based marketing across the app, software and entertainment verticals, in June 2015.

It was now acquiring the remaining 46% via the company's wholly-owned subsidiary, Webpals Holdings, acquiring both of Gindawii Holdings and Farmland Holdings, companies wholly-owned by Marmar founders, Oren Avidor and Gal Avidor.

In the year to 31 December 2016, Marmar generated revenues and profit before tax of $11.7m and $2.5m respectively.

“The acquisition of the remaining 46 per cent. stake in Marmar is expected to enable XLM to further strengthen the group's media channel growth, enable the group to extract additional synergies, run an increased number of campaigns and continue the diversification of the group's revenue and customer base,” the company’s board said in its statement.

“Marmar is already consolidated into the company's financial statements.

“As such, the acquisition of the minority stake will not affect the company's profit and loss reporting but will increase the net income attributable to equity holders of the company as the minority holders are removed.”