GRG to acquire Sydney-based eFunds Group including exclusive
outsource partner of Suncorp-Metway Ltd
Adds second major bank branded partnership to GRG
o eFunds Pty Ltd is the exclusive strategic outsourced ATM partner to Suncorp-Metway Ltd(Suncorp)
o 239 ATMs already installed under the Suncorp agreements
o 49 ATMs already installed in non bank branded locations
o No integration/replacement expenditure required on the installed base of eFunds Group ATMs
GRG further strengthens its high profile management team with the executive owners of the eFunds
Group agreeing to sign two year management contracts
All owners of the eFunds Group show commitment to GRGs growth by committing to 12 month voluntary
escrow on shares issued as initial consideration
GRG does not intend to raise capital for the cash component of the acquisition
Second tranche of consideration adjusted according to eFunds Groups CY2011
eFunds Group forecast to add approximately $10.4m revenue and $3.6m EBITDA to GRG in CY2011
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