Daily Internet buys NameHog

27th Jan 2014 15:53

Daily Internet, which provides internet hosting and cloud infrastructure, has bought the entire issued share capital of NameHog.NameHog, a UK internet hosting provider supplying domain name registration, will be purchased for a cash consideration £150,000. To fund the acquisition, Daily Internet has raised £625,000 through the issue of more than 37.8m new ordinary shares of 0.5p per share at a subscription price of 1.65p per share with existing institutional and other investors. Following the completion of the deal, NameHog will be relocated to Daily Internet's Nottingham office.In the year ended April 30th 2013, NameHog delivered revenue of £179,624 and earnings before tax, interest, depreciation and amortisation (EBITDA) of £25,060.Managing Director of Daily Internet, Abby Hardoon, said: "We are delighted to announce the acquisition of NameHog which will be immediately earnings enhancing to the Group and offers quickly realisable operational synergies. "The acquisition is in line with our buy and build strategy and expands our client base and product and services portfolio, whilst providing numerous cross-selling opportunities.Shares in Daily Internet fell 12.505 to 1.75p at 16:03 on Monday.RD