Education technology company Boxlight Corp BOXL announced Monday that it acquired U.K.-based Cohuborate Ltd., a develper of touch display technology.
What Happened
Boxlight acquired Cohuba for approximately $1.8 million. The acquisition was financed through the issuance of 257,200 shares of common stock at $7 per share.
Why It's Important
"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," Boxlight President Michael Pope said in a statement.
The Cohuba sales team will begin distributing Boxlight's Mimio interactive classroom solution suite to the education market in the U.K., according to Boxlight. Cohuba founder and CEO Andy Pennington and former Promethean COO Paul Pickup are joining Boxlight's U.K. team.
What's Next
Boxlight CEO Mark Elliott said the company is expanding as many of its competitors are reducing their salesforce and product oferings.
The company plans to relaunch the Cohuba brand later this year as its global business and government solution.
Boxlight's low-float stock has been volatile, with an 81.7-percent jump during the May 2 trading session and a 20.5-percent spike the following day. The stock was halted on a circuit breaker and gained nearly 30 percent Friday.
The stock was up 76.93 percent at $11.80 at the close Monday.
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