Boxlight Acquires Sahara Presentation Systems for GBP 74 Million (USD 94.9 Million)
September 25 2020 - 8:30AM
Business Wire
Acquisition includes Clevertouch and Sedao
brands and provides geographic expansion, substantial revenue
growth, consolidated profitability and global management talent
Boxlight Corporation (Nasdaq: BOXL), a leading provider of
interactive technology solutions for the global education market,
today announced it has acquired Sahara Presentation Systems PLC, a
leader in distributed and manufactured AV solutions.
The total purchase price was GBP 74,000,000 (approximately USD
94,900,000) in the form of GBP 52,000,000 (approximately USD
66,700,000) cash and GBP 22,000,000 (approximately USD 28,200,000)
preferred stock.
Headquartered in the United Kingdom, Sahara is a leader in
distributed AV products and a manufacturer of multi-award winning
touchscreens and digital signage products, including the globally
renowned Clevertouch and Sedao brands. The company was formed in
1976 by Kevin and Nigel Batley, who grew the company to more than
100 employees with offices worldwide.
“This is an exciting time for the Sahara business, which is
trading extremely well, even in the current climate. We welcome the
added leadership and solutions from Boxlight as we aim to
accelerate our growth in key markets around the world,” stated
Kevin Batley, Director at Sahara.
“I am very excited about the journey ahead as we join Boxlight,”
stated Mark Starkey, CEO at Sahara. “The global footprint and
infrastructure of Boxlight, with their experience in delivering
comprehensive education technology solutions, paired with our
extensive experience and expertise in AV technology and products,
will position us to provide our customers across the world with
solutions for advanced and collaborative working environments. We
are committed to continue our rapid expansion plans following
Sahara’s acquisition by Boxlight.”
Michael Pope, Chairman and CEO at Boxlight added, “I am thrilled
to combine the resources of Boxlight and Sahara, two of the most
recognized companies in education technology. The Sahara
acquisition expands our geographic reach - particularly in the EMEA
region, provides significant revenue growth, results in immediate
consolidated profitability, and adds tremendous global management
talent. We are committed to achieving dramatic growth, both
organically and through acquisitions, and we are delivering on that
promise. The combined companies are generating greater than USD 100
million in sales and are highly profitable. I look forward to
reporting our consolidated financial statements in future
quarters.”
Cripps Pemberton Greenish represented Sahara as legal counsel
for the transaction and BDO LLP acted as an adviser. Michelman
& Robinson, LLP and Hinds & Small Limited represented
Boxlight as legal counsel and Dixon Hughes Goodman LLP acted as an
adviser.
About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) is a leading provider of
technology solutions for the global learning market. The company
aims to improve learning and engagement in classrooms and to help
educators enhance student outcomes by developing the products they
need. The Company develops, sells, and services its integrated,
interactive solution suite including software, classroom
technologies, professional development and support services. For
more information about the Boxlight story, visit
http://www.boxlight.com.
Forward Looking Statements
This press release may contain information about Boxlight's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements because of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
maintain and grow its business, variability of operating results,
its development and introduction of new products and services,
marketing and other business development initiatives and
competition in the industry. Boxlight encourages you to review
other factors that may affect its future results in its filings
with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200925005052/en/
Media Relations Sunshine Nance +1 360-464-2119 x254
sunshine.nance@boxlight.com
Investor Relations Michael Pope +1 360-464-4478
Investor.relations@boxlight.com
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