CROSSRIDER: Results confirm solid foundation for growth

IG Design plc | Published on 14/03/2017

Today’s results are in line with January’s trading update in terms of
revenue (reduced, as flagged, after the cessation of investment in
the web apps platform) and adjusted EBITDA. The App Distribution
segment has performed well and the group as a whole has
demonstrated good cash conversion once again. Crossrider has
also benefited from action taken to improve efficiency. In October
2016, Crossrider purchased DriverAgent for U$1 million – a product
already successfully promoted on Crossrider’s app distribution
platform – which is now fully-integrated. This has been followed by
today’s acquisition of CyberGhost, a Cyber Security SaaS solution
business on a multiple of 6x to 9x historical EBITDA depending on
an earn out payment. This represents a continuation of Crossrider’s
clearly-defined, well-articulated strategy. We make adjustments to
our underlying revenue and margin estimates which, in combination
with the CyberGhost deal leave revenue expectations little changed
but add 14% and 20% to our respective EBITDA estimates for FY
2017E and FY 2018E.

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