The Board of directors of MPS Ltd in its meeting held today (July 1, 2020) considered and approved the purchase of 100% shares of HighWire Press and its subsidiaries for USD 6,100,000. The acquisition will be completed through the Company’s US branch and newly incorporated wholly-owned subsidiary in Delaware, USA, HighWire North America LLC and to invest as initial capital up to USD 250,000 in HighWire NA LLC.
The deal includes the purchase of Northern Ireland-based HighWire Press Ltd and its UK-based unit Semantico Ltd for $1 million.
MPS said the acquisition will help it scale its platform solutions business and strengthen its market position in the academic publishing community. MPS and HighWire will also leverage each other’s networks to expand to newer regions and industry verticals.
The company says its product and services suite span the entire breadth of the publishing cycle for audiences including societies, academics, associations and publishers. It reported a consolidated revenue of $19.03 million for the 2019 calendar year.
More to follow…