Team Internet Group PLC Completes Acquisition of Shinez I.O. Ltd

Team Internet Group plc, listed on AIM:TIG and OTCQX:TIGXF, announced the completion of their acquisition of Shinez I.O. Ltd. The transaction, originally introduced on March 19, 2024, was finalized with an enterprise value of USD 43.2 million. An initial payment involved USD 38.9 million with the remainder, USD 4.3 million, secured in escrow for standard warranties and indemnifications.

Additionally, a contingent extra consideration of up to USD 12.3 million is set, contingent upon Shinez achieving set financial goals over the upcoming two years. Shinez’s integration into Team Internet could potentially increase the Group's pro forma financials, reaching estimated revenues and EBITDA in the hundreds of millions, this based on unaudited figures from 2023. The acquisition is expected to significantly boost earnings per share and complement Team Internet's existing services, providing a holistic approach across the advertising funnel.

CEO Michael Riedl expressed enthusiasm about the strategic acquisition, highlighting it as a key component in Team Internet's growth strategy and a move to enhance their competitive position and innovation within the market.