Classroom technology firm Boxlight (NASDAQ:BOXL) has announced that it is to acquire UK-based touch display firm Cohuborate. Boxlight stocks have soared over 77% in response.
The acquisition will couple Cohuborate’s sales team and ‘strong network of re-seller partners’ with Boxlight’s technology in order to increase distribution. The Cohuborate sales team will immediately begin distributing Boxlight’s Mimio software product for classrooms.
At closing time Monday, Boxlight stocks were up 77.44% to $11.80 per share, bringing the firm’s market cap to $113.8m USD. In addition, further gains of around 4.2% were recorded in after-hours trading. Today’s rise marks the firm’s highest share price on record. It has been a particularly successful month for Boxlight, with share prices jumping over 210% since May 1st.
Boxlight president Michael Pope said of the acquisition: “The transaction is part of our continued effort to supplement our organic sales growth with strategic acquisitions that accelerate our ability to distribute our solutions globally.”
Meanwhile, Andy Pennington, CEO of Cohuborate, said: “We are thrilled to join Boxlight and will benefit from the immense resources they provide including their seasoned management team”.
Previously, prices jumped on May 4th after the firm announced that it had expanded the scope of its MimioSpace system, which allows up to 32 students to work at the same time using the software’s 11 ft. by 4 ft. touch board.
Boxlight develops technology for use in classrooms which aim to help students learn more effectively. For example, the firm’s flagship technology is its MimioStudio software, which enables teachers to easily create interactive lessons for students, as well as encouraging collaboration. In addition, the software provides more academic tools such as the MimioStudio Gradebook which automatically records answers to assessment questions. The studio also enables teachers to create such assessments. The MimioStudio software helps power interactive displays.
The firm also produces hardware, such as projectors and Ultra High-Definition interactive displays which can be “drawn on” like a whiteboard. In addition to providing technology for classrooms, Boxlight also produces flat-panel table displays such as its ProColour 490 Touch Table product, which can be particularly useful in business meetings. The ProColour serves as both a table and a screen which can be drawn on with fingers when highlighting information during presentations, for example.
Featured image: Business Wire