Team Internet Group plc (AIM:TIG) agreed to acquire Shinez I.O. Ltd for $54.10 million on March 19, 2024. Team Internet will acquire Shinez for an enterprise value of $41.8 million, on a net debt free basis and subject to customary adjustments for net working capital, payable in cash. Additional contingent consideration of up to $12.3 million will be due subject to Shinez achieving ambitious financial targets over the next two years, payable in cash. Shinez reported $111 million in gross revenue $17.2 million in net revenue, and $10.4 million in adjusted EBITDA for the year ending December 31, 2023. The acquisition will be funded through a combination of cash reserves and the Revolving Credit Facility Agreement. $4.6 million, i.e., 11% of the enterprise value, will be retained in escrow for four years to cover for customary warranties and indemnification. A graduated release schedule is planned for the escrow: up to 50% will be released on the second anniversary of the transaction's completion, followed by releases of up to 25% each on the third and fourth anniversaries. The acquisition is expected to be completed by late April/early May 2024, with all closing conditions anticipated to be satisfied, with the first full consolidation in Q3 2024. Zeus acted as advisor to Team Internet.

Team Internet Group plc (AIM:TIG) completed the acquisition of Shinez I.O. Ltd for $55.5 million on April 29, 2024. Shinez has been acquired for an enterprise value of $43.2 million, inclusive of customary adjustments for cash and working capital with an initial consideration of $38.9 million and $4.3 million retained in escrow to cover for customary warranties and indemnification. Contingent additional consideration of up to $12.3 million may become due subject to Shinez achieving ambitious financial targets over the next two years, payable in cash.