TORONTO - Mood Media Corp (TSX:MM) has acquired the assets of Technomedia Solutions and its sister company, GoConvergence, for approximately US$23 million in cash.

Toronto-based Mood Media may also make an additional payment in 2014, depending on the profitable growth of the operations.

Technomedia is a Florida-based company that designs advanced audio-visual systems for venues such as theme parks, restaurants and retail clients.

Among Technomedia's customers is clothing retailer Abercrombie & Fitch, the Hard Rock Cafe chain of restaurants and Cirque du Soleil.

Mood Media is primarily focused on creating an in-store experience for retail shoppers, using a variety of tools including audio, visual and scent stimulus.

It says Technomedia is a good strategic fit that will advance Mood Media's growth and immediately add to shareholder value.

It estimates Technomedia had about US$43 million of revenue in 2012.

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