Sprooki enters into Share Purchase Agreement with ASX Listed Company Stanfield

Team SprookiInnovation

It is a bigger than usual day at Sprooki. Today, Sprooki is pleased to announce that they have entered into a Share Purchase Agreement (“SPA”) for the sale of the business to ASX listed company, Stanfield Funds Management Limited (“SFN”).

On 20th July 2015, SFN and Sprooki executed the SPA which provides that, subject to a number of conditions precedent, SFN will acquire all of the issued capital of Sprooki. This follows on from an initial convertible note investment in Sprooki by SFN on 21st of May, 2015.

It’s been four years since Sprooki was first conceptualised. Through a year and a half of our R&D and test phases to our first and subsequent mall and retail customers, team Sprooki are now very excited to enter this next phase of expansion and growth with Stanfield, as part of an ASX publicly-listed company.

“Sprooki perfectly fits SFN’s mandate of investing or acquiring Asian based technology and service businesses”, said Carl Clump, Chairman of Stanfield Funds Management Limited. “Furthermore, with a tried and tested platform in place,  marquee customers on board, no geographic limitations and a strong existing management team, Sprooki also met all our fundamental investment criteria.”

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