Digimatic Group (ASX:DMC) will pay SGD$1,000,000 to acquire control of a video production business AP Media Pte Ltd in Singapore, that has expanded into Virtual Reality video production.
Video is becoming the dominant delivery technology for online marketing and social advertising.
Digimatic has an option to acquire the remaining 49% of AP Media within two years.
The production house is understood to be profitable and with a blue chip client base that includes Philips, Bosch, Credit Suisse, Singtel, Hyflux, plus governmental, non-profit organisations and events such as Singapore National Day Parade.
Digimatic's prospectus to raise up to a maximum of A$16,000,000 at $0.20 per share had closed significantly oversubscribed in December 2015.
In fact, the company had received applications for approximately A$26 million of shares (to trade on ASX as CDI’s).
In January 2016, Digimatic entered into a term sheet to acquire 25% of Global Expert Team Pte Ltd for US$1,000,000, comprising two key business units being Systems Integration and Cyber Intelligence.
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