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RealTime IT News

Coms21 Will Acquire eGlobal

[Sydney, AUSTRALIA] Smartcard applications and gaming technologies developer Coms21 is set to acquire application service provider (ASP) eGlobal International in a move expected to boost both companies' range of products and presence in the Australian market.

Under terms of the deal, Coms21 will issue company shares to eGlobal shareholders to the value of 60 percent of the issued share capital of Coms21.

eGlobal shareholders will also be issued with further Coms21 shares if the volume weighted average price at which Coms21 shares are traded over 20 trading days are achieved, the company said.

Through the deal, Coms21 will gain eGlobal's range of business-to-business (B2B) and business-to-consumer (B2C) proprietary e-commerce software.

The one year-old eGlobal's managing director Gordon Chalmers will join the Coms21 board as non-executive director, to become managing director of Coms21 once the deal is underway.

Most recently, eGlobal has acquired a 50 percent stake in SAP software integration company Comparex Design Engineers (CDE) to further business opportunities in Australia and selected projects in China.