The business has been acquired for an initial cash consideration of $350,000 with a further performance-based consideration of up to $1 million payable over the next three years.
Corporate360 provides a range of webcast solutions and related services to businesses in Hong Kong, China and across the Asia Pacific region. Revenues for 2010 are expected to exceed $400,000.
In addition to contributing profitable revenue growth to PR Newswire, Corporate360 provides a technology and commercial platform which will enable PR Newswire to expand its multimedia and investor relations offerings in Asia. Corporate360’s two founder executives will join PR Newswire following the business’s integration into PR Newswire’s Hong Kong operations.
Ninan Chacko, CEO of PR Newswire, commented: “The acquisition of Corporate360 allows us to expand our service delivery capability in the regional market and will enable PR Newswire to offer clients in Asia a more sophisticated and engaging set of communication tools. We continue to see significant opportunities to develop PR Newswire in China and in the wider Asia Pacific region.”
