Iios Limited was formed in 2003 to provide international carrier services to and from the developing world. It currently supports many UK and International service providers by enhancing their sales and marketing efforts and acting as an aggregator for their traffic. Iios's total gross revenues (unaudited) for the calendar year ended 31 December 2007 were £2.3m.
The initial consideration for the acquisition comprises £75,000 satisfied by the issue of 84,206 1p ordinary shares in Vyke at 89p per share, together with an earn-out providing a maximum further consideration of £575,000 to be satisfied in Vyke shares and based on the results of Iios Limited for the year ended 31 December 2008.
Tommy Jensen, Executive Chairman of Vyke, commented: "We are very pleased to
make this acquisition which provides the Company with additional headroom as we continue to grow the business at a considerable rate. Prior to the recent Callserve acquisition, we announced that the Company was acquiring an average of over 3,000 new active customers per day. This acquisition adds to our capacity and enables us to satisfy the increase in demand for our products."