LONDON - Acceler8 Ventures Plc (LSE: AC8), a Main Market acquisition company, announced today it has agreed on preliminary terms to acquire Verifyyed, Inc., a California-based firm revolutionizing the global sync and royalty industry. The proposed acquisition, valued at £96.8 million, will be paid for with new ordinary shares of Acceler8 Ventures.
Verifyyed is known for its software-as-a-service (SaaS) technology that streamlines the music sync licensing process and enhances royalty revenue and payment collection for rights holders. The company operates internationally, with its headquarters in the United States and additional operations throughout Europe.
The non-binding Heads of Terms includes a binding exclusivity period until May 31, 2025, allowing Acceler8 Ventures to finalize the sale documentation. The agreement also provides for cost and confidentiality protections.
Concurrent with the acquisition, Acceler8 Ventures aims to raise between £10 to £20 million in growth capital to support the expanded group's ambitious growth strategy.
In accordance with the Financial Conduct Authority's Listing Rules, the company has requested a temporary suspension of its listing on the London Stock Exchange (LON:LSEG)'s Official List, effective 7:30 a.m. today. This suspension will remain in place pending the publication of a prospectus and the re-admission of the company's enlarged share capital to the Main Market.
While both parties intend to complete the acquisition promptly, there is no guarantee of its successful conclusion. If the deal does not finalize, it is expected that the suspension will be lifted, subject to FCA approval, and trading in Acceler8 Ventures shares will resume.
David Williams, Chairman of AC8, expressed enthusiasm about the agreement and the growth potential of Verifyyed. David van Herwaarde, Director of Verifyyed, highlighted the significance of the London listing for the company's growth and access to capital, positioning it strategically between its major markets in the U.S. and Europe.
This announcement is based on a press release statement and contains inside information as defined in the market abuse regulation of the UK domestic law.
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