Updates

Kape - Buys Integro for US$16m

August 2018

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

As was foreshadowed in my write up in April, Kape has acquired one of the two businesses it was targeting. It is using just a quarter of its US$63m cash mountain to buy Integro for US$16m, a supplier of malware protection software for Mac sold under a SaaS-based model. It comes with 150,000 paying users, with high renewal rates of above 75%. In 2017 it generated US$1.4m pretax profit - cheap looking deal.Separately in the trading statement for H1 Kape said that Adjusted EBITDA will be U$4.3m, representing growth of 48%. Adjusted EBITDA growth in the app distribution side is stated at up 172%. As a tidy up exercise, Kape has also sold its legacy low margin Media business removing an unnecessary distraction (sales of US$15m and ebitd ...

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D4T4

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