In order to fund the acquisition, which is being settled in cash, Audioboom proposes to raise roughly £155mln through a placing of shares.
If the acquisition goes through, the company proposes to change its name to Triton Digital Group PLC, with Neal Schore and Mark Rosenbaum, respectively the president & chief executive officer and the executive vice president & chief financial officer of Triton, taking on the same roles at the merged group. Audioboom’s current chief executive officer, Robert Proctor, will remain on the board as an executive director.
As the acquisition constitutes a reverse takeover under AIM rules, trading in the shares of Audioboom has been suspended.
Triton's software-as-a-service (SaaS) based offering includes three main product lines: audience measurement; streaming platform and services; and audience engagement.
Triton has a strong penetration in the US radio broadcaster market and according to a report published by the Radio Advertising Bureau on 3 March 2016, represents a market worth in the region of US$17.5bn based on annual advertising.
In 2016, Triton’s turnover was around US$40.9mln while underlying earnings (EBTIDA) on a generally accepted accounting principles (GAAP) basis was roughly US$9mln, excluding one-off items.
In the first nine months of 2017, Triton’s turnover was in the region of US$29.9mln and its GAAP EBITDA was around US$10.5mln, excluding one-off items.