Mnemon Limited acquires Topbuy Australia

Mnemon Limited, parent company of DealsDirect Group, has bought Topbuy Australia in its first acquisition since the reverse listing

of Deals Direct in January this year. The deal has been sealed at 2.25 million Australian dollars.

“This is just the first step in our ongoing acquisition strategy and we are continuing to look at a range of opportunities in the e-commerce industry," said Mnemon interim CEO Michael Rosenbaum, advancing that more acquisitions are to come sooner than later.

According to the parties involved, price paid by Mnemon has been 2.25 million Australian dollars and will be settled by way of 325,000 Australian dollars in cash, with the balance to be settled in Mnemon shares at a share price of the 60-day VWAP. There is also a small earn out component.

Topbuy, which has annual revenue of almost 10 million Australian dollars, was launched in 2007 and sells online branded consumer electronics, fashion, and general merchandise.

Topbuy co-founders Peter Xie and Michael Xie will continue in key roles within senior management of Topbuy.