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Business Serve Acquires Pipemedia

Posted: 12th Oct, 2004 By: MarkJ
The latest consolidation in a long string of similar market movements has today seen the UK ISP Business Serve acquire Pipemedia for an initial consideration of £300,000 together with 692,841 ordinary shares of 1p each:

Pipemedia is one of the UK’s market leaders in the provision of Voice Over Internet Protocol (VoIP) and broadband telephone services to both corporate and carrier customers. Its acquisition enables Business Serve to transform into a converged communications provider spanning both the telecommunication and ISP marketplace, as well as providing immediate access to a new and rapidly growing customer base.

Business Serve has acquired Pipemedia for an initial consideration of £300,000 together with 692,841 ordinary shares of 1p each. In addition to the initial consideration, deferred consideration of up to a maximum of £1.5 million, settled equally between cash and shares, may become payable over the next two years, should Pipemedia achieve certain performance targets.

The cash element of the acquisition has been funded by a placing of 2,288,479 new ordinary shares at 43p per share by Teather & Greenwood raising approximately £1 million before expenses. This represents approximately 10% of the Group’s issued share capital. Certain Directors of the Group participated in the placing, together subscribing for approximately 186,000 shares. Application has been made for these shares to be admitted to trading on AIM.

Based on unaudited management accounts Pipemedia had revenues of £2.64 million, a loss before tax of £122,000 and net assets of £150,000 as at May 31 2004. For the first three months of the year to 31 August 2004, Pipemedia’s unaudited management accounts showed a profit before tax of £45,000 and net assets of £110,000.


Business Serve has also acquired the assets of Vital Online Ltd., specifically its ISP division (see 4th October news).
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