ELMO (ASX:ELO) agrees to buy Vocam

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.