May 8, 2017 / 1:11 AM / 3 months ago

BRIEF-Novatti enters into binding agreement with Prophecy International

1 Min Read

May 8 (Reuters) - Novatti Group Ltd:

* Enters into a conditional binding agreement with prophecy international

* Consideration for acquisition is $2.75 million in cash

* Acquisition is earnings accretive and will provide immediate cash flows to novatti

* Deal to acquire 100% of its basis2 billing and customer information systems (CIS) business

* Revenues generated from acquisition are expected to be a significant contributor to novatti's targeted profitability in fy2018

* Acquisition will be funded through a 1 for 4 accelerated non-renounceable entitlement offer raising approx. $3.25mln

* Deal to acquire 100% of Prophecy International's basis2 billing and customer information systems (CIS) business Source text for Eikon: Further company coverage:

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