Bigshop Set to Acquire Rumble Group
Page 1 of 1
The takeover, which still remains subject to Bigshop shareholder approval, would see Rumble shareholders taking around 60 percent of the combined entity.
Rumble, a company specializing in digital strategy, e-commerce enablement products and e-commerce venture participation, incorporates three main businesses: Rumble Logic, Rumble Products and Rumble Ventures.
Despite experiencing small operating losses since its birth two years ago as FusionMM, Rumble said it will bring more than AUS $2 million (US $12 million) in net tangible assets into the new company, and expects to be independently cash positive and profitable within the coming year.
Announcing the deal, he said the merger would also enable Rumble to participate more actively in selected venture projects of high potential.