We have been canvassing the mobile data industry across Europe since 2000 and consequently established relationships with the leading players in the mobile data market including iTouch, the London listed mobile value added services provider. In order to accelerate iTouch's expansion plans agnitio were retained to source a diverse range of potential acquisition candidates that met iTouch’s evolving acquisition criteria.
agnitio identified Movilisto in 2001 as one of the leading premium SMS businesses in Spain and a potential acquisition candidate. agnitio verified the availability of this strategic partner for iTouch and arranged an introduction to Movilisto. After presenting comprehensive commercial, technical and financial analysis of the Movilisto business to iTouch, agnitio was retained to advise iTouch on structuring and negotiating its acquisition of Movilisto.
On 25th March 2003, iTouch announced that it had agreed to acquire Movilisto for a maximum consideration of €60 million subject to shareholder approval. iTouch paid an initial consideration of €35 million, of which €20 million was satisfied by the issuance of shares and €5 million in cash at completion. An additional amount of €10 million was paid at completion for working capital needs. A further €25 million will be paid in a combination of cash and shares in the event Movilisto achieves certain financial targets in the 24 month period following completion.