iTouch has acquired Telescope UK, a firm that provides telephone voting platforms.
iTouch, the mobile phone services business part owned by Independent News & Media, said the acquisition would add a number of media clients to iTouch’s list and would make the combined business the largest provider of high quality voice services in the British market.
The acquisition is for an initial consideration of £850,000 sterling cash and £1,050,000 of shares in iTouch.
A further capped consideration of £750,000, of which the maximum additional cash consideration will be £150,000, will be paid subject to certain revenue and profit targets being attained for the combined iTouch UK Voice Division and call centre contributions over the next two years.
The completion of the acquisition is subject to the approval by iTouch shareholders of the special resolutions proposed at the iTouch plc EGM to be held on August 28th 2002.
In the year ended March 31st, 2002, Telescope achieved audited revenues of £5.9 million with a contribution of £316,000 before interest, tax, depreciation and amortisation.