”Online video content will add significant benefits to our customers and Wooshii provides a perfect accompaniment to our existing core range of services,” comments Paul Yates, CEO of Getupdated and Just Search.
The parent company Getupdated Internet Marketing AB has acquired an initial equity share of 25 per cent of the shares in Wooshii. In exchange, Getupdated and Just Search will market an integrated, new service offering based on the video know-how of Wooshii.
An agreement has been signed, whereby Getupdated/Just Search has acquired an equity share of 25 per cent in Wooshii, and has an option to acquire up to 51 per cent and subsequently the total and remaining shareholding of the company. Sellers are the founders of Wooshii who retain their current positions in the company’s management.
The acquisition of Wooshii is an important strategic step into video search for the Getupdated Group. A new service offering has been developed and integrated in the service offering on all of current customers and existing markets. The ability to be at the forefront of online video content technology will also be of benefit to Getupdated and Just Search when pitching for new potential customers.
”As part of the Getupdated group, Wooshii will get the marketing leverage needed for a broad commercialization of a unique set of video expertise and services,” comments Fergus Dyer-Smith of Wooshii.
The long term plan is for a total acquisition by Getupdated, and a subsequent integration of Wooshii in the Getupdated Group. The initial acquisition involves the provision of marketing services provided by Getupdated and Just Search. The next stage of acquisition is based upon Wooshii hitting certain financial targets and at a pre-agreed valuation as at today.
