ELMO (ASX:ELO) has executed a binding sale agreement to purchase 100 per cent of the shares in Vocam group entities.
Vocam is a leading provider of cloud-based HR and safety video content. Vocam produces high quality video-based training.
This will enable ELMO to expand and update video content and have access to cutting-edge video production and post-production facilities in Melbourne and the Philippines.
Over the last twelve months to 31 December 2019, Vocam achieved $1.5m in revenue with over 95 per cent being subscription based.
Shares in ELMO (ASX:ELO) closed 2.51 per cent higher at $7.36 yesterday.