XTD, headed by former oOh!media senior executive Adam Cadwallade, is buying Adline Media, an out of home operator in the sporting sector.
The deal includes $468,000 in cash plus shares in XTD, plus future cash payments and shares depending on performance.
Adline’s network includes more than 100 centres, 65 of which are large scale indoor sporting locations with high-definition digital displays, online and direct-to-customer communication platforms and Wi-Fi hotspots.
“As part of our diversification of XTD, this investment will allow us to build on what is already a very exciting, diversified business centralised in out-of-home and media technology," says XTD chief executive Cadwallader.
Michael Johnstone, managing director of Adline, will join XTD as chief operating officer.
XTD, in the half year to December reported a loss of just over $1 million on revenue of $1,787,482. The company has been stripping out costs, getting rid of consultants, and investigating digital out-of-home market opportunities.
Cadwallader has been in the media industry for more than 25 years, the last 19 years spent in Out of Home where he was most recently group sales strategy director for oOh!media.
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