Freelancer (ASX Code:FLN) has now reached financial close and full completion of the acquisition of the California-based Escrow.com.
Escrow.com is the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet.
The company had a FY14 gross payment volume of US$265 million, net revenue of US$5 million, EBITDA of US$1.2 million and over US$2.2 billion in transaction volume to date.
The immediate benefit to Freelancer is that Escrow.com will contribute to its financial results from 1 November 2015.
Freelancer delivers bumper Q3 2015 results
Freelancer recently cemented its place as one of the fastest growing companies listed on the ASX, with strong metrics recorded for Q3, 2015.
The company’s share price has appreciated during calendar year 2015, last trading at $1.80, or around three times higher than at the start of January.
Other impressive metrics include record cash receipts booked for the third quarter of $9.7 million, up 42% over previous corresponding period. This took year to date receipts to $26.4 million.
Operating cashflow was positive for the year to date at $1.1 million.
Freelancer added over 850,000 users to 16.8 million and 450,000 projects & contests to 8.6 million in Q3.
This represented a 39% YoY increase in users who post projects or contests with a 9% QoQ increase (41% annualised).
All time posted project values soared to US$2.8 billion.
The balance sheet continues to be strong with $42.6 million cash & equivalents, providing a platform for further growth.
Escrow.com will contribute to Freelancer's financial results from 1 November 2015.
Freelancer's financial metrics are already impressive, and the company is one of the fastest growing companies listed on the ASX.
The company last traded at around $1.80, and therefore institutions that participated in the recent $10 million placement of shares at $1.40 are already sitting on sizeable gains.
Freelancer is one of Proactive's top stock picks for 2015/16.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.