Transit technology company XTD Limited (ASX: XTD) announces the proposed share acquisition of the 63% interest that it currently does not own in technology company Contact Light Pty Ltd.
Following completion of the Acquisition, Contact Light will become a wholly-owned subsidiary of XTD.
The Acquisition follows a strategic review that XTD’s Board has been undertaking since November 2017, focusing on operations, personnel and potential future revenue streams.
The acquisition of Contact Light will dramatically strengthen XTD’s market positioning by adding Contact Light’s world-first suite of technologies and Smart Cities innovation to the Company’s marketleading cross-track digital media systems for transit environments, which are operating in Melbourne and Brisbane.
XTD plans to rapidly accelerate the commercialisation of Contact Light’s opportunities in the complementary areas of advertising and Smart Cities solutions once the Acquisition is completed.
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