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Bango subsidiary meets targets with two months spare
22nd Nov 2019 10:19
(Sharecast News) - Mobile commerce company Bango on Friday said that its subsidiary, Audiens, has met targets ahead of plan following a number of European sales wins.
The subsidiary met the targets two months early, meaning that its founder and chief executive Marko Maras will receive a deferred incentive payment of €1.16m and Bango's stake in the company will rise to 100%.
The AIM-traded group snapped up a 98.45% stake in Audiens in January 2018 for €1.48m, when it also set specific objectives for revenue and overhead control.
The company said its acquisition had met its "ambitious" targets by building on commercial success in Italy, winning new customers, leveraging Bango's global presence and expertise, developing products and providing "excellent" customer service.
Bango chief executive Ray Anderson said: "Working with the Audiens team has been a rewarding experience. It has continued to grow its core CDP and data business as part of Bango and is expanding outside Italy building on its powerful, easy-to-use, self-serve capabilities.
"The Audiens team in Milan has supported Bango developers in Cambridge to adapt key Audiens technology and relationships for use inside the Bango Platform."
Bango shares were up 2.90% at 131.20p at 1026 GMT.
The subsidiary met the targets two months early, meaning that its founder and chief executive Marko Maras will receive a deferred incentive payment of €1.16m and Bango's stake in the company will rise to 100%.
The AIM-traded group snapped up a 98.45% stake in Audiens in January 2018 for €1.48m, when it also set specific objectives for revenue and overhead control.
The company said its acquisition had met its "ambitious" targets by building on commercial success in Italy, winning new customers, leveraging Bango's global presence and expertise, developing products and providing "excellent" customer service.
Bango chief executive Ray Anderson said: "Working with the Audiens team has been a rewarding experience. It has continued to grow its core CDP and data business as part of Bango and is expanding outside Italy building on its powerful, easy-to-use, self-serve capabilities.
"The Audiens team in Milan has supported Bango developers in Cambridge to adapt key Audiens technology and relationships for use inside the Bango Platform."
Bango shares were up 2.90% at 131.20p at 1026 GMT.