1 October 2021: ASX RELEASE
MSL acquires OrderMate POS business and partners with US based Taubman Capital to commence US growth strategy
Highlights:
OrderMate generates circa $6m revenue with over 50%, or $3m, recurring and a normalised EBITDA of over $1m, and a customer footprint of more than 2,400 locations in Australia, NZ and the UAE
Acquisition part funded by a $4.5m, 3 Year, unsecured Convertible Note with a 0% coupon rate to US based Taubman Capital. The partnership will leverage Taubman Capital’s significant investment portfolio to support MSL’s US entry strategy
Post completion the expanded MSL Group, based on combined FY21 numbers, would see group revenues increase to $30.5m, recurring revenues increase to $20m and EBITDA to $4.1m (before government subsidies)