Minds + Machines Group Limited (MMX), operator of 26 new gTLDs with 1.1 million domains under management (DUM), has announced that they have received a number of informal approaches from parties interested in purchasing the sixth largest new gTLD registry by DUM.
In an announcement MMX said their Board has appointed US investment banking firm, Headwaters MB, to review the various strategic options open to the Company to maximise value for shareholders.
In the leadup to the approach or approaches MMX has been restructured successfully by the new management team into a profitable business with an increasing recurring revenue stream, a world class asset base, and one of the strongest footprints in Asia following the launch of .VIP and the subsequent MIIT approval in China.
During the last 18 months, the new generic top level domain market has experienced unprecedented growth and trading by MMX has, and continues to, reflect this. Registrations are up over 40% year to date. The sector remains highly fragmented and the review will explore how strategic options might accelerate shareholder value, in particular whether and how MMX can participate in a broader industry consolidation. The outcome of the strategic review may therefore include, but not be limited to, an acquisition by or sale / merger of the Company.
MMX will make a further announcement to update shareholders on progress of the strategic review when appropriate.