Toronto’s Mood Media Corporation announced today that it has acquired the assets of Florida-based Technomedia Solutions and sister company, GoConvergence, for approximately US$23 million in cash plus contingent consideration payable in 2014, which is based on the profitable growth of the operations.
Technomedia Solutions and GoConvergence are premier providers of some of the world’s most advanced media and technology innovations for multiple industries, including retail, hospitality, theme parks, performing arts, museums, special venue, education and others. Formed in 2001, Technomedia brings a total turn-key model to create compelling consumer destinations for a diverse range of customers, which include Abercrombie & Fitch, Hard Rock Café International, Cirque du Soleil, Wanda Group as well as leading entertainment and education clients globally. In 2012, Technomedia is expected to generate annual revenues of US$43 million and EBITDA of US$5.7 million.
“Technomedia’s leadership in the entertainment, education and consumer experience categories worldwide will not only be a core focus of our collective growth and development plan, they are a great fit with our assets and strategy of transforming the point-of-sale environment using cutting-edge media and technology solutions,” stated Lorne Abony, Chairman and CEO of Mood Media. “We see substantial opportunity to leverage the strengths of our combined businesses to build a truly first class consumer-experience powerhouse.”
“The transaction will be immediately accretive to Mood Media’s shareholders while accelerating the growth profile and competitive positioning of the combined businesses. We are excited about the opportunity ahead and look forward to utilizing our combined strengths to build on what Technomedia has established in concert with Mood’s initiatives to help our customers achieve their goals.”