Homegrown innovation-led technology player Revez Corporation (Revez) on Oct 27, announced that it has acquired PGK Digital Networks on Oct 27.
The acquisition was made for a purchase consideration of $4 million.
The acquisition also makes PGK Digital Networks a 100%-owned subsidiary of Revez.
The cash used for the purchase consideration is financed through the net proceeds of some $7.9 million raised from the reverse takeover and the compliance placement of 21.6 million new ordinary shares at 36.64 cents each.
PGK Digital Networks is a Singapore-based media owner and operator of digital media networks, digital out-of-home (OOH) advertising networks and digital sport networks.
The acquisition will leverage on Revez’s technology capabilities to create greater value for PGK’s existing digital media networks and solutions, and is said to be a “significant boost” to the mediatech landscape.
The move is also “strategically aligned” with Revez’s business vision for a full value-chain digitalisation for clients and partners in private and public sectors alike.
See also: Revez Corp eyes 5G, extended reality and digitalisation to drive growth
Marrying experiential technology in conventional out-of-home media formats will create dynamic experiences, which will, in turn, capture the attention of digital natives and strengthen the impact of messages, says Revez in a statement.
“I have personally known and partnered PGK for over 10 years so I have witnessed their growth first-hand, from pioneers in the field to a market leader today. This partnership kicks off a very exciting journey as we disrupt the Mediatech landscape with our performance-driven and Creativetech solutions,” says Victor Neo, group CEO of Revez Corporation.
“Together, we want to transform the digital advertising and DOOH media landscape in more markets and grow the company’s footprints globally,” he adds.
“Experiencing REVEZ’s exceptional success confirmed my belief that visionaries can indeed succeed against all adversities and reshape industry dynamics. The partnership between PGK with its established national media networks and REVEZ with its suite of cutting-edge creative solutions is a powerful differentiator setting us apart from other conventional media owners,” says Giulio Dorrucci, Founder and CEO of PGK Digital Networks.
“Interactivity and Programmatic Advertising will be our next frontier to instantly bridge the gap between our outdoor messages and the millions of residents, professionals, shoppers and commuters we reach every day,” he adds.
Shares in Revez closed flat at 35 cents on Oct 27.