Artilium buys Belgium's Ello Mobile for €300,000

23rd Dec 2016 10:58

(ShareCast News) - Telecommunications software company Artilium has bought Belgium-based Ello Mobile for €300,000 in shares.The AIM-listed company, through its subsidiary United Telecom, bought Ello Mobile, which will be paid through the issue of 3.82m shares of 5p each, which were sold at 6.6p per share.The acquisition will extend the company's reach in Belgium and add a brand with a "loyal following".Ello Mobile currently donates its entire profit to non-profit charity projects and has donated more than €1m since its inception.United Telecom said that it will donate a minimum of €50,000 per year to charities for the next three years following the acquisition.Ello Mobile generated revenue of €698,222 in the 2015 financial year. It made earnings before interest, tax, depreciation and amortisation (EBITDA) of €181,670 and had net liabilities of €47,085.Bart Weijermars, chief executive of Artilium, said: "With the acquisition of Ello Mobile and its customer base we are adding a very exciting brand to our business which is different from the big mobile brands. Our customers get a top service and contribute to charities at the same time."The shares are expected to trade on AIM on 30 December and following admission the company will have a total of 309.9m shares in issue.Shares in Artilium were up 3.7% to 7p at 1215 GMT.