Fast growth e-learning company ThirdForce has acquired a Dublin-based digital television production company for €500,000.
The acquisition of Dublin-based AV Edge follows speculation that the company was in talks to acquire another e-learning firm. The speculation led to an 87pc rise in ThirdForce’s share price in recent weeks.
AV Edge, for the financial year ended 30 June 1999, reported a general operating profit of €29,000 on a turnover of €887,000 with net assets of €77,000. The company employs seven full-time workers.
ThirdEdge CEO Brendan O’Sullivan said that the acquisition follows a stated strategy of acquiring businesses, establishing partnerships and broadening the company’s product and distribution channels in the literacy and lifeskills segments of the e-learning market.
ThirdForce, then Rapid Technology, acquired Electric Paper, which develops e-learning technology for European Computer Driving Licenses, in March last year for €15m.
ThirdForce reported a €1.56m net loss for the year ended June 2003, compared with a net loss of €1.76m in the same period last year. Turnover at ThirdForce increased to €3.98m, a 19pc rise.
By John Kennedy