Former agricultural investor AACL Holdings has completed a makeover and become a technology company after acquiring Applabs Technologies for $1.2 million.
The company has been on the lookout for new investment opportunities since it sold its main operating business to Glencore for $8.5 million last year.
Earlier this year it mooted the acquisition of mobile website development company Moboom - which was set up by Perth entrepreneur Gavin Burnett.
Those negotiations were terminated in July. Last week Business News incorrectly reported that negotiations between Moboom and AACL were still continuing.
AACL reinstated its securities for trading on the ASX yesterday debuting as Applabs Technologies - taking on the name of the company it has purchased.
The acquisition saw AACL give 6 million of its shares to Applabs shareholders at an issue price of 0.20 cents - valuing the deal at $1.2 million.
Applabs focusses on app development and financing and has an 80 per cent share in a real estate app, Home Open, which is due to be released to market in the first half of 2014.
It has also purchased recently another app developer - InGenius Labs.
Perth-based founder of InGenius Labs Stuart Kidd has become managing director of the Applabs business following 17 years’ experience in graphic design and 14 years’ experience in developing internet applications.
Mr Kidd was one of the first to set up internet radio broadcasts from London. He established InGenius Labs in 2011 to focus on mobile developments.
Applabs has also undertaken a $3 million capital raising during the acquisition process which Mr Kidd said received strong interest.
“The company has been overwhelmed with the level of demand we have seen from day one and especially through the capital raising process, where we received bids over three times the minimum $3,000,000 raising amount,” Mr Kidd said.
“We strongly believe that Applabs is well positioned to capitalise on this investor demand going forward,” he said.
