A Dundee-based technology firm, specialising in advertising software for the cash machine market, has been taken over by the UK arm of an American company, in a deal worth £8.5 million.
The deal, which sees i-design come under the umbrella of Cardtronics, effectively valued the Scottish firm at more than 160% of its closing price share value when the news was announced.
With many companies in Scotland trying to fend off takeovers at present, often through the help of an asset finance broker, the chairman of i-design welcomed the move.
James Faulds, who will pocket over £375,000 in the deal, said:
“The Offer will allow i-design Shareholders to realise a significant cash premium for their shares and provide i-design with the opportunity to accelerate its growth and widen its reach in a way not currently available. We believe the Offer is a good outcome for all i-design stakeholders.”
The views were echoed by the chief executive of Cardtronics, who said that its ability to access revenue streams would allow i-design’s present market share to be expanded. Presently, i-design software is installed on 30,000 cash machines.
The lion’s share of its operations is in the UK, whilst it also has a presence in Canada.
He went on to say that Cardtonics’ extensive ties with retailers would also allow for greater optimisation of opportunities. As well as operations across North America, it also has a significant presence in the Mexican cash machine market.
Cardtronics UK, based in Hatfield, was set up specifically to complete the takeover of i-design.