Science Group PLC (AIM:SAG) has announced it has completed the acquisition of Magic Systech Inc – a Taiwan-based company that specialises in internet radio technology for a net US$2.1mln cash.
The science-led services and product development organisation said it paid a consideration of US$4mln but as Magic holds US$1.9mln in cash this results in a net valuation of US$2.1mln.
The lower production cost of the technology architecture boosts the proposition of its 2019 acquisition Frontier Smart Technologies, the company said.
It is the second purchase since the 2021 strategy review, after a US$6mln technology royalty buyout in July.
Science Group said Frontier is making a profit and is “contributing to the group at a similar level” to its other operations, with investments made in Frontier throughout the year.
Science Group has stated that it intends to provide the SmartRadio, which combines DAB, DAB+, FM, and internet radio, across radio stations globally.
A recent UK digital radio and audio review by the Digital Radio and Audio Review Steering Board reiterated that radio is still a strong trusted medium that delivers good public value and emphasises the value of DAB radio.