Boxlight (NASDAQ:BOXL) is a mover and shaker out on the Street today, with investors sparking the stock on an almost 50% upturn. Why the excitement? The company announced it has completed the acquisition of United Kingdom-based Cohuborate (Cohuba), a developer of touch display technology for the education, business and government markets. Boxlight acquired Cohuba for approximately $1.8 million through the issuance of 257,200 shares of common stock at a price of $7 per share.
“The transaction is part of our continued effort to supplement our organic sales growth with strategic acquisitions that accelerate our ability to distribute our solutions globally,” said Michael Pope, president of Boxlight. “Cohuba brings a seasoned sales and operational team and a strong network of reseller partners with decades of experience selling technology solutions into the United Kingdom.”
Effective immediately, the Cohuba sales team will begin distributing Boxlight’s Mimio interactive classroom solution suite, including the award-winning MimioStudio™ classroom software, to the education market throughout the United Kingdom. Boxlight plans to relaunch the Cohuba brand later this year as its global business and government solution, complete with hardware and software solutions tailored to the specific needs of those industries.
The acquisition also brings significant management talent by adding Mr. Paul Pickup, former chief operating officer of Promethean and Andy Pennington, founder and CEO of Cohuba, previously head of product at Promethean responsible for interactive panels and software.
“I am eager to welcome Paul, Andy and the U.K. team to Boxlight,” said Mark Elliott, chief executive officer of Boxlight. “I have a trusted relationship with Paul and Andy from my time at Promethean, and I look forward to leveraging their knowledge and relationships. While many of our competitors are reducing their salesforce and limiting their product offering, we continue to expand with the goal to emerge as the leading provider of interactive technologies globally.”
“We are thrilled to join Boxlight and will benefit from the immense resources they provide including their seasoned management team, comprehensive product suite and financial resources as a publicly traded company. We are proud to see the continuation of the Cohuba brand in the business and government sectors worldwide,” said Andy Pennington, CEO of Cohuba.