A significant acquisition highlights the growing importance of remote meeting solutions in today’s business landscape. A major tech firm has secured a £61.4 million deal.
This landmark purchase not only amplifies the company’s market presence but also underscores its commitment to enhancing productivity and communication technology.
London-based LoopUp Group, renowned for its innovative remote meeting solutions, has strategically acquired MeetingZone Group in a deal exceeding £60 million. The acquisition, paid in cash, was facilitated through a £17 million loan from the Bank of Ireland and raising £50 million via a share placement.
This move enhances LoopUp’s competitive standing by broadening its technological reach and operational scale. MeetingZone brings a robust client base and expertise that complements LoopUp’s vision of superior remote communication services.
To fund this acquisition, LoopUp Group employed a dual approach by acquiring a £17 million loan and placing 12.5 million new shares to raise £50 million. This financial strategy underscores the group’s confidence in its growth trajectory and commitment to delivering shareholder value.
LoopUp’s financial acumen not only facilitates this acquisition but also positions the company for sustained financial health and expansion, demonstrating a forward-thinking approach to corporate growth.
MeetingZone, headquartered in Cardiff, serves approximately 6,000 customers globally.
With international operations in Germany, Sweden, and North America, MeetingZone generated £22.5 million in revenue and £15 million in gross profit in 2017.
MeetingZone’s track record of profitability and operational efficiency makes it a valuable addition to LoopUp’s expanding portfolio, offering considerable opportunities for synergies and growth.
According to Steve Flavell, co-chief executive, LoopUp aims to revolutionise remote meetings by eliminating common communication barriers and improving productivity.
By integrating MeetingZone’s capabilities, LoopUp plans to enhance its market offering, fortifying its position as a leader in remote meeting technology.
This acquisition is monumental in LoopUp’s journey to provide seamless and efficient remote communication solutions globally.
With a portfolio that includes high-profile clients like Travelex, Planet Hollywood, and National Geographic, LoopUp is known for delivering exceptional remote meeting solutions.
The integration with MeetingZone will further amplify LoopUp’s networking effects, driving enhanced service provisions and client satisfaction.
This deal reflects the company’s steadfast dedication to innovation and growth within the remote communication technology sphere.
LoopUp and MeetingZone’s combined expertise and resources aim to foster technological advancements and tailored communication solutions for businesses worldwide.
This strategic acquisition is a testament to LoopUp’s ambition to be at the forefront of the tech industry, driving long-term growth and innovation.
The collaboration is set to redefine norms of remote business communication, leveraging strengths to create value across customer bases.
With this acquisition, LoopUp reaffirms its commitment to leading the evolution of remote meeting technology. The company’s growth reflects increasingly digitalised global communication needs.
LoopUp’s strategic acquisition of MeetingZone marks a transformative moment in the tech industry, paving the way for enhanced communication solutions. This move not only strengthens LoopUp’s market position but also sets a benchmark for innovation and growth.