Catena Media acquires LeapRate

25 July 2018

(PRESS RELEASE) -- Catena Media plc (“Catena Media”) is acquiring leading Forex Exchange news portal LeapRate. Through this acquisition, Catena Media extends its lead in the financial vertical and in FX trading, primarily in the U.S., the UK and Australia.

LeapRate provides news and information on the global online trading or “Forex” sector. The site’s coverage includes news and analysis of companies offering retail and institutional FX, CFDs and cryptocurrency trading, as well as those providing technology and services to the sector.

LeapRate was started in 2010 and is run by Its founder alongside a number of experienced independent journalists based in Europe and Israel. The founder will remain on board for 18 months to help ensure a smooth transition into Catena Media. LeapRate provides a well-known newsletter that is widely read among key decision makers in the industry. The acquired assets currently generate quarterly sales of about $360,000, of which a majority derives from fixed fees and advertising. The site is approved for Google News.

“This acquisition is in line with our strategy for growth and further establishes our position as lead generator in the financial vertical. We are very pleased to welcome LeapRate into the Catena Media family and look forward to helping the company realize its full potential.”

Per Hellberg, CEO
The initial purchase consideration, payable on the completion of the transaction, amounts to an up-front payment of $4.0 million, of which $2.0 million will be paid in the form of newly issued shares in Catena Media and the remainder in cash. The shares will be issued at market value, calculated as the volume-weighted average price for Catena Media’s shares on the Nasdaq Stockholm exchange during a period of 30 trading days measured in connection with the date of signing.

In addition to the initial purchase consideration, the seller may receive an earn-out payment based on the performance of the acquired assets over a period of 12 months. Catena Media may choose to pay 50 percent of the earn-out in cash or in newly issued shares in the company. Any new shares issued will be issued at market value, calculated as the volume-weighted average price for Catena Media’s shares on the Nasdaq Stockholm exchange during a period of 30 trading days measured in connection with the relevant payment date.

The maximum amount of the earn-out payment is $4.0 million. If paid in shares, a lock-up period of 12 months applies. In a reasonable anticipated scenario, the total cost of the acquisition would be approximately $6.0 million, i.e. the up-front payment of $4.0 million and earn-out payments totaling $2.0 million. In this scenario, the acquired assets of LeapRate would need to generate revenue growth of more than 20 percent annually during the earn-out period.

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