SEEEN (LSE:SEEN) agreed to buy 100% of Streaming, trading as MEDIAL, for total maximum consideration of approximately £1.2 million, with completion expected on or prior to 30 April and immediate accretion to earnings, the company announced.
The initial consideration is roughly £1m: £0.95m cash funded from existing resources and new capital, plus 1m new shares at 6p (locked for 24 months). Deferred cash of £0.2m is payable in equal instalments over eight quarters, subject to no warranty claims.
MEDIAL is a profitable enterprise media library and streaming software provider with more than 50 university and corporate customers. For the year to 30 April 2025 it reported unaudited revenue of £0.64m, adjusted PBT of £0.21m, reported PBT of £0.04m and a net cash position of £0.3m. SEEEN (LSE:SEEN) says the pro forma 2025 enlarged group would have delivered revenues of more than $6m and adjusted EBITDA of $0.5m with over 100 customers, 95% recurring.
Adrian Hargrave, Chief Executive Officer of SEEEN, said: "The acquisition of MEDIAL is a strategically important step for SEEEN. It gives us an immediate customer foothold in the academic and enterprise video training markets through an established, profitable and highly regarded platform with long-standing and recurring customer relationships."
Founders Robert Thomas and CEO Adrian Hargrave are providing loan capital of £100,000 and £225,000 respectively at 10% per annum (three-year maturity). The company will issue 3.25m warrants tied to that lending (half exercisable at 8p, half at 12p); Hargrave is to receive 2.25m warrants via a private company, a related party transaction the independent directors deem fair.
