Brulines enters AWP market
Brulines, the beer dispense monitoring company, has acquired a 66% stake in Coin Metrics for £685,000.
Coin Metrics, founded by Richard Adams and Ian Daintith in 2005, has developed a wireless data service that allows amusement and gaming machine operators to monitor the performance of their machines in real time.
James Dickson, Brulines' chief executive, said: "The deal has strong product synergy and very little overlap between our respective customer bases where there are already strong relationships.
This gives us a solid platform to cross sell and also to take a market leading portfolio to a widening marketJames Dickson, Brulines' chief executive.
"This gives us a solid platform to cross sell and also to take a market leading portfolio to a widening market.
"The acquisition will enable Brulines to accelerate our growing AWP data management business to market leadership through real time remote download of data from AWP machines, whilst also opening up new applications and markets for the next generation of wireless data capture systems such as vending.
"The deal has strong product synergy and very little overlap between our respective customer bases where there are already strong relationships.
"This gives us a solid platform to cross sell and also take a market leading portfolio to a widening market."
Ian Daintith, director and co-Founder of Coin Metrics Limited, said: "This acquisition represents a strategic step in the growth of the Coin Metrics business.
"Clearly there is a great technical and product synergy between the two organisations and this investment also allows Coin Metrics to accelerate the delivery of its ambitious plans within both the gaming and vending markets in the UK whilst maintaining the high level of support and delivery expected by our existing customer base."
The lion's share of the deal was paid in cash with a remaining balance of £62,250 accounted for with the issue of ordinary shares in Brulines, which is listed on Aim, London's junior market.
