News Column

Learning Technologies Buys Games Studio Preloaded For GBP2.2 Million

May 13, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Learning Technologies Group PLC said Tuesday it had acquired games studio Preloaded Ltd for GBP2.2 million, to be paid in GBP1.6 million in cash and 3.1 million in Learning Technology shares.

Up to a further GBP3.4 million in shares will be payable based on Preloaded's financial performance.

Preloaded posted a pretax profit of GBP57,000 in the year to end-March, with revenues of GBP1.8 million and earnings before interest, tax, depreciation and amortisation of GBP59,000. The company comes with GBP1.5 million in cash in its balance sheet.

Learning Technologies said it believes the acquisition will enhance its product offering and skills. It will add a further 20 staff with the acquisition.

"This exciting acquisition will bring additional skill-sets, clients and talent to the group, opening up a new avenue in the important discipline of learning games and simulations for LTG to satisfy the growing demand for e-learning," said Chief Executive Officer Jonathan Satchell in a statement.

Shares in Learning Technologies were trading down 2.6% at 19.00 pence Tuesday afternoon.

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Source: Alliance News

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