Acquisition: CentralNic Group Plc
CentralNic Group Plc (CNIC), has announced that it has entered into a conditional agreement to acquire the entire share capital of KeyDrive S.A. and its subsidiaries for an initial enterprise value of $44.5 million, plus a performance based earn out of up to $10.5 million. The transaction represents a reverse takeover under the AIM rules and will be funded in part through a placing of £24 million.
CentralNic is a London-based AIM-listed internet platform company that derives revenue from the worldwide sales of internet domain names and associated web presence services. CentralNic operates globally with customers in over 200 countries.
KeyDrive is a global technology business that operates in the domain name services industry. KeyDrive develops and operates software platforms used for selling subscription-based tools for businesses to operate online, including domain names, hosting, email, domain portfolio management and online advertising services. In the year to 31 December 2017, KeyDrive generated revenues of $58 million and adjusted EBITDA of $5.9 million.
Crowe's role and team
Crowe acted as reporting accountants on the transaction. Our Capital Markets team was led by Mitesh Patelia and supported by James Swan.
Client quote
"The team at Crowe was an integral part of the successful transaction with KeyDrive. This was a complex and transformational transaction for CentralNic, and the team delivered efficient and proactive support, advice and commitment during the Transaction. We have been impressed with Crowe's ability to support our growth aspirations globally."
Ben Crawford, CEO, CentralNic
