Benzinga | Mar 23, 2021 12:29PM EDT

Boxlight Acquires Interactive Concepts For $3.3M

Boxlight Corp (NASDAQ: BOXL) has acquired Belgium's value-added distributor of AV and IT products, Interactive Concepts, for $3.3 million in cash, common stock, and deferred consideration.

* Interactive Concepts generated $6.5 million in revenue and positive earnings in FY20.

* The acquisition can expand the footprint of Boxlight's Clevertouch brand and further extend the distribution network across Western Europe as per President Mark Starkey. The company posted a 25% year-on-year revenue growth across Benelux (Belgium, Netherlands, Luxembourg), a region that accounted for around 6% of the European population.

* Interactive Concepts CEO Karel Callens would join Boxlight under the Clevertouch and Sahara Presentation Systems Europe brand.

* This acquisition was a natural fit into Boxlight's Sahara Presentation Systems Europe brand and would drive accelerated sales growth into Education as per CEO Callens.

* Boxlight's cash balance amounted to $9.6 million as of September 30, 2020.

* Price action: BOXL shares traded higher by 0.68% at $2.99 on the last check Tuesday.