Business
Acquisition of Business and Assets of Technologo
Acquisition of Business and Assets of Technologo.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4113C Altitude Group PLC 07 March 2011 \n\n7 March 2011\nAIM: ALT\nAltitude Group plc(\"Altitude\" or the \"Group\")\nTrade Only Limited acquires strategic technology assets of Technologo \nThe board of directors of Altitude (the \"Board\"), the promotional merchandise and marketing solutions group, announces that its software solutions and information services subsidiary, Trade Only Limited (\"Trade Only\") has entered into an agreement to acquire the business and assets of Technologo, a leading supplier of virtual sample technology solutions to the promotional product industry.\nTrade Only has agreed terms with Landmark Corporate Marketing Services Ltd, which wholly owns the Technologo business, to acquire the technology, customer contracts, supplier product database, trading name, goodwill, and certain other assets of Technologo for US$1.9m in cash. Technologo is headquartered in Toronto, Canada and specialises in the development and licensing of virtual sample technology solutions to distributors and suppliers of promotional merchandise. Its customer base extends beyond Canada to the United States, the United Kingdom, France, Germany, the Netherlands and other key markets. \nThe acquisition is a key step towards Trade Only's strategic goal of becoming a leading provider of Cloud-based business software solutions and information services to the promotional merchandise industry globally. Technologo provides both a valuable information service between suppliers of promotional merchandise and independent distributors, as well as easy to use web-based virtual sample technology, which provides customers with enhanced operational efficiency. Trade Only has been a licensed user of Technologo technology for several years.\nThe Board believes that Technologo's technology and services strengthen Trade Only's Cloud-based business solution offerings. The acquisition will also accelerate Trade Only's expansion activities in North America that have been underway since the launch of Vision, its latest version of its Cloud-based Ecommerce solution in January at the PPAI Expo in Las Vegas, NV. The Board expects Technologo's experienced team of sales and customer service staff to help support Trade Only's growing user numbers.\nThe transaction is subject to the satisfaction o...