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MMX Announces Acquisition of ICM Registry

Minds + Machines Group Limited (MMX), a leading operators of Internet Top-Level Domains, announced on Friday that it has entered into a conditional agreement to acquire the entire membership interests of ICM Registry LLC, a US company, for a cash payment of $10 million, funded from the Company's existing cash reserves, and a total of 225,000,000 new Ordinary Shares with an equivalent value of approximately $31 million. The Acquisition is conditional on receiving approval from ICANN.

Background on ICM: ICM is the owner and operator of four niche ICANN regulated TLDs dot-xxx, dot-adult, dot-porn and dot-sex. "ICM's most valuable TLD is dot-xxx, which was originally awarded to ICM in 2004 by ICANN but which did not go live until Spring 2011 following competitive challenges following the original award. The policies by which dot-xxx operates are set by an independent body, the International Foundation for Online Responsibility ("IFFOR"), which was established to promote user choice, parental control, and the development and adoption of responsible business practices designed to combat online child abuse images."

Toby Hall, CEO of MMX: "We expect the Acquisition to be earnings enhancing in the current year and believe it will deliver scale, strong recurring revenues and positive working capital to the Company in 2018 and future years."

By CircleID Reporter – CircleID's internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us. Visit Page

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