Atomos (ASX:AMS) set to acquire Timecode Systems

Company News

by Katrina Bullock

Atomos (ASX:AMS) has signed an agreement to acquire Timecode Systems for approximately $5.68 million in cash and approximately 9.2 million shares in Atomos.

Timecode is a UK based company that has developed a patented technology to enable multiple audio and video capture devices to wirelessly synchronise.

Atomos has been a licensee of Timecode’s technology which is already integrated in Atomos’ latest products.

Leveraging Atomos’ distribution channels, customer relationships and supplier arrangements, material revenue growth and cost synergies are expected to boost earnings in the 2021 financial year.

The acquisition will be financed by the company’s recent $22.56 million institutional placement.

Shares in Atomos (ASX:AMS) are trading 3.2 per cent higher at $1.46.

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.