US firm acquires Adapt Mobile
Adapt Mobile, the marketer of mobile phone accessories based in Bromsgrove, has been acquired by iGo, the eco-friendly provider of management solutions. US-based iGO purchased the company for £570,000.
iGo said it has signed multi-year employment agreements with the three principals of Adapt Mobile - Jack Hampson, Arno Nabuurs and Ben Theobald. The three men have also received 200,000 restricted stock units (RSUs) from iGo as inducement grants.
Michael Hail, chief executive officer and president of iGo, said: "The acquisition of Adapt Mobile provides a number of synergies that we believe will help us profitably grow iGo.
"Adapt Mobile has effectively grown its business with limited financial support and distribution capabilities. With our strong balance sheet and established sales organisation, we believe we can increase the penetration of Adapt Mobile's products throughout Europe.”
The US business said that Adapt Mobile is currently generating revenues of approximately £1.27m per year.
