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Martello Completes Acquisition of GSX and Related Financing
Martello Completes Acquisition of GSX and Related Financing Canada NewsWire OTTA...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Completes Acquisition of GSX and Related Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, May 29, 2020\n\n\n\nAcquisition strengthens digital experience monitoring opportunity and adds to monthly recurring revenue. \n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n OTTAWA, May 29, 2020 /CNW/ - Martello Technologies Group Inc., (\"Martello\" or the \"Company\") (TSXV: MTLO), a provider of digital experience monitoring (DEM) solutions deployed in more than 5,000 enterprise networks around the world, today announced that it has completed the acquisition of GSX Participations SA (\"GSX\"), a provider of end-user experience monitoring for Microsoft Office 365 (the \"Transaction\"). All conditions required to close the Transaction have been met.\n\n \n \n \n \n \n \n\n \nFurther to its press release dated April 28, 2020, Martello has acquired 100% of the shares of GSX, which is headquartered in Geneva, Switzerland with more than 400 enterprise customers globally. The consideration for the acquisition was 22,000,000 common shares and CDN$13,860,000 cash for an aggregate purchase price of $18,370,000.\nThe acquisition of GSX, recognized by Gartner as a digital experience monitoring vendor, extends Martello's DEM capabilities into the Microsoft Office 365 market, which has approximately 200 million monthly active users. Based on unaudited financial statements prepared by GSX for the year ended December 31, 2019, GSX generated FY2019 revenues of €4.4M (approximately CDN$6.6M), 89% of which were recurring, while billings from sales of Microsoft Office 365 digital experience monitoring increased by 34% in FY2019. \nMartello has closed debt financing concurrent with the closing of the Transaction. A US$8M subordinated secured term loan provided by Vistara Capital Partners has partially funded the acquisi...