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BPS to acquire Entertainment Publications

BPS Technology has completed its underwritten AUD27.5 million institutional placement and will use net proceeds of the capital raising to fund the acquisition of Entertainment Publications Australia and New Zealand.

Entertainment Publications is a business-to-consumer deals platform with 12,000 SMEs, 18,000 not-for-profits and 550,000 members.
The consideration for the Entertainment Publications acquisition is AUD22.5 million in cash and 2,659,574 in BPS shares.
The vendor of Entertainment Publications, Ben Johnson, who will remain as chairman of Entertainment after completion, says: “Entertainment Publications and BPS share the same culture and values, making this a natural win for both companies. They share the same vision for providing marketing solutions to businesses, value to customers, and support to community organisations and the charitable sector. It is a win-win for everyone.”
As part of the acquisition process, BPS undertook a detailed financial and legal due diligence on Entertainment. Further detail on the acquisition is set out in the presentation announced to ASX.
Trevor Dietz, CEO of BPS Technology, says: “I am delighted to welcome Entertainment into the BPS group. Entertainment is an excellent business led by an ambitious team who share our core values. We expect the joining of our longstanding, valuable business networks to deliver an increasingly compelling value proposition to merchants, consumers and not-for-profits. This acquisition brings several attractive near-term growth opportunities within reach, the benefits of which will flow to new and existing BPS partners, merchants and shareholders.”

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