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Bids, Mergers and Takeovers

accesso to acquire TE2

13 July 2017 07:30

accesso Technology Group has agreed to acquire, by way of merger with its wholly-owned US subsidiary, The Experience Engine, a developer of software solutions which enables enterprises to offer a highly-personalised guest experience to customers, primarily in the leisure, hospitality, entertainment and retail sectors.

accesso said the acquisition was for an enterprise value of £62.3m and was being funded by the issue of approximately $14.4m in shares to the vendors and an underwritten vendor and has raised £58.8m ($75.6m) via an accelerated bookbuild.

TE2 was founded in 2013 by its management team led by chief executive Scott Sahadi, chief operating officer Ray Atkin and head of technology Josh Bass.

TE2 is based in San Diego, California and Orlando, Florida and has approximately 69 employees.

accesso said TE2 had a growing customer base consisting of several leading theme park and leisure operators, with notable customers including Cedar Fair Entertainment, SeaWorld Parks & Resorts, Merlin Entertainments, and Carnival Corporation.

Story provided by StockMarketWire.com

Related Company: ACSO

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