The governance of London AIM-listed industry affiliate marketing publisher XLMedia Plc has confirmed the sale of Webpals Mobile, the firm’s app marketing subsidiary to Israel-based ad-tech and SaaS solutions provider PLYmedia.
XLMedia governance has chosen not to disclose the terms of sale related to the transaction, detailing that company maintains its long-term strategy of focusing on ‘higher-margin publishing activities’.
‘Webpals Mobile is focused on the promotion of apps which are not in the Group’s core verticals of gambling and personal finance’ – XLMedia details in its corporate update.
Updating investors, XLMedia discloses that Webpals delivered ‘nil contribution’ to XLMedia’s 2018 EBITDA, with the net value of the asset consolidated on the firm’s balance sheets at ‘nil’ having accounted for its impairment charge within its 2018 accounts.
Confirming the transaction, XLMedia Chief Executive Ory Weihs, commented: “The sale of Mobile marks an important step for our business as we focus our attention on our core publishing activities. We remain committed to growing our Gambling & Personal Finance publishing networks, while continuing with complementary media activities, which we believe ideally places the Group to deliver sustainable and high margin growth.”
This July, XLMedia governance confirmed the departure of Ory Weihs as corporate leader, to be replaced by Rakuten executive Stuart Simms as inbound CEO, starting 2 October.