Boxlight (NASDAQ:BOXL) news for Friday includes its acquisition of Sahara Presentation Systems pushing BOXL stock higher.
A Boxlight news release reveals that it bought the maker and seller of AV products for $94.9 million. That payment split between cash and preferred stock. The cash portion was $66.7 million and the preferred stock makes up the remaining $28.2 million of the price.
Michael Pope, chairman and CEO of Boxlight, said this about the news.
“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.”
Boxlight’s acquisition of Sahara Presentation Systems lines up with previous news about the company. The company received a $22 million investment earlier this week from Lind Global Macro Fund to fuel acquisitions.
At that time, Boxlight said it wants to use its funds to expand its business through acquisition. The company says it has a particular interest in acquiring companies that can stretch its international footprint while still being immediately profitable to it.
Sahara Presentation Systems appears to check off both those requirements. The company is based out of the U.K. and is a leader in AV products. That includes the creation of “touchscreens and digital signage products.”
BOXL stock was up 14.5% when markets closed on Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
