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Mobile and immersive experiences Dev Clever said it has entered into an agreement with Veative to acquire the latter's subsidiary Veative Labs and education materials in a cash and shares deal.
The deal would accelerate the company's content and platform development, allowing it to leverage Veative Labs' workforce and unlock new revenue streams, Dev Clever said.
The company acquired Veative Labs for 150 million shares at a market price of 36.5 pence, representing a value of £54.75 million.
The cash consideration for the acquisition of the National Independent Schools Alliance intellectual property was US$3.4 million.
Dev Clever also agreed an exclusive initial one year IP licensing agreement for additional immersive educational materials that were bespoke to the Indian market for US$2.6 million in cash.
The agreement included a call option for a period of one year over both the Indian IP and and Veative's global distributor agreements for US$6.5 million.
At 8:35am: (LON:DEV) share price was 0p at 7.15p