March 14, 2017 / 7:19 AM / 6 months ago

BRIEF-Crossrider to buy Cyberghost for up to 9.2 mln euros

March 14 (Reuters) - Crossrider Plc

* Agrees to acquire entire issued share capital of Cyberghost

* CyberGhost is being acquired for a total consideration of up to 9.2 million euros

* Of the 9.2 million euro maximum consideration, the initial consideration is to be satisfied on closing of the acquisition by a 3.2 million euro cash payment to the vendor of CyberGhost and 3 million euro through the issue of 4,057,813 options over ordinary shares in the capital of the Company exercisable at the nominal value of the shares

* Deal includes an EBITDA based earn-out payment capped at 3 million euros

* The earn-out is payable subject to the continued involvement of Robert Knapp, CEO and founder of CyberGhost

* CyberGhost is a leading cyber security SaaS provider, with a focus on the provision of virtual private network solutions

* The acquisition is expected to be earnings enhancing in the current financial year

* The acquisition is in line with the company’s stated strategy to broaden its product offering to service high growth consumer markets, of which cyber security is a key vertical. Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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