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Wireless online retailer eXpansys has acquired YooNoo, the owner of web sites globalpositioningsystems, shiroi and goaudio, for a total payment of up to £1.2m.
YooNoo, through its globalpositioningsystems web site, is the market leading online retailer of satellite navigation systems in the UK. The directors of eXpansys believe that YooNoo will fit neatly into the eXpansys group and that significant cost savings will be achievable through economies of scale, particularly in warehousing, financing and IT.
Roger Butterworth, chief executive of eXpansys, said: “YooNoo owns three significant web brands with a reputation for providing good customer service and having real product knowledge, so I am delighted to announce the purchase of this business which adds depth to the eXpansys group of companies. We intend to continue their excellent work and to add their products to our own web properties across Europe and North America.”
In April eXpansys successfully floated on the London Stock Exchange putting 49.9 per cent of the company up for public offering.
“I believe that, following flotation, eXpansys is well positioned to develop the YooNoo brands and deliver further growth," he added.
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