LONDON, UK: Visum Technologies Plc has entered into exclusive non-binding Heads of Terms (HoT) to acquire the entire share capital of Socrates Imaging B.V., a company based in the Netherlands, and Socrates Imaging Ltd, a company based in the United Kingdom, for a combination of cash payment and new ordinary shares in Visum totaling €2 million.
Exclusivity has been granted to Visum in relation to the Proposed Transaction until 31 March 2024.
Established in 1990, Socrates Imaging has cultivated a distinguished legacy of excellence over three decades, emerging as a trailblazer in photo and video capture souvenirs within the travel and leisure market. Renowned for its unwavering commitment to innovation, Socrates Imaging stands at the forefront in diverse domains, including ride photo, green screen, studio, and roaming photography.
Their expertise extends beyond conventional boundaries, encompassing on-ride video production. Notably, Socrates Imaging is set to collaborate seamlessly with Visum’s proprietary video solution, creating a powerful synergy that promises to elevate the standards of video capture and production in the industry. This strategic partnership exemplifies a shared dedication to pushing the boundaries of creativity and technology, ensuring a future where every moment is captured with unparalleled precision.
Marc Dixon, CEO of Visum, commented: “We are thrilled to announce the heads of agreement for the acquisition of Socrates Imaging. The union of our organizations, leveraging Socrates Imaging’s extensive experience, over 150 client contracts and cutting-edge technology, promises to be mutually beneficial. This exciting partnership will enable Visum to deliver innovative capture technology, further enhancing our commitment to providing exceptional solutions to our valued customers.”
Pim Sonepouse, Founder of Socrates Imaging, added: In 1990, Socrates developed the first digital ride photo system, quickly followed by a series of new-to-market and innovative products. The quality and reliability of our photosystems are second to none, with the best yet to come in season 2024. I am very excited about the potential collaboration with Visum. It will both accelerate our growth and bring exciting new products and features quicker to market.