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.