AI and e-Commerce marketing company, OpenDNA Limited (ASX: OPN) on 23 April 2019, finally completed the acquisition of digital marketing company, Blackglass Pty Ltd from ASX-listed IncentiaPay Limited.
On 12 April 2019, the company had announced that it had reached an agreement to acquire, Blackglass Pty Ltd from IncentiaPay Limited (ASX: INP). According to the agreement, the company would acquire 100% of the issued shares in Blackglass which is a subsidiary company of IncentiaPay.
Through this acquisition, there will be an additional source of revenue, complementary and synergistic digital marketing capabilities along with an extended potential customer base for the artificial intelligence platform of the company.
Blackglass Pty Ltd is a company with strong digital marketing capability. It is focused on online brand building and customer acquisition. The addition of Blackglass to OpenDNA would help the group in extending the capability to better service the online marketing, customer acquisition as well as profiling requirements of the RooLife business. It would also help in aligning the business operations of OpenDNA’s subsidiary CHOOSE Digital Pty Ltd which was acquired in December 2018 along with the RooLife Limited.
Now, as the company has finalized the acquisition of IncentiaPay, the integration of Blackglass into the OpenDNA group has started. This is expected to result strong revenue growth of the company.
Source: Company’s ASX announcement on 23 April
Since December 2018, the company in a very short span of time, has built a diverse, high-quality base of stable customers and revenue lines. Based on these, the company expects to continue growing as well as reach of the operations of the company both in Australia as well as China.
The CEO of the company, Mr Bryan Carr commented that the company is delighted to welcome the talented team of Blackglass into OpenDNA Group. He is confident that the expansion of business capabilities with an office and people on the ground in Sydney will help the company in enhancing its service offerings and also reach the growing number of customers for the complete range of products and services in Australia and China.
On 15 April 2019, OpenDNA successfully closed the oversubscribed capital raising of $2 million.
For the half year ended 31 December 2018, there was a significant fall in the revenue of the company from $72,447 in the 1H FY20189 to $20,710 in 1H FY2019. The net loss during the period attributable to the members of the company was $1,627,911.The balance sheet of the company reported an increase in the net asset base as a result of increased total asset of the company and a fall in the total liabilities. The total shareholders’ equity was $4,993,434. By the end of the 1H FY2019, the company had net cash and cash equivalent worth $1,820,448.
The shares of the OpenDNA traded last on 17 April 2019, with the closing price of A$0.04. OpenDNA holds a market capitalization of A$8.27 million and approximately 206.87 million outstanding shares.
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