9th May 2019 13:27
LONDON (Alliance News) - Cloud computing firm Beeks Financial Cloud Group PLC on Thursday said it acquired US-based online service provider, Commercial Network Services, for up to USD1.4 million.
The transaction is expected to be earnings accretive from the first full-year of ownership as it brings additional customers and datacentre locations to Beeks' retail offering, the company explained.
Under the terms of the deal, USD1.3 million will be paid in cash with USD100,000 held as retention and subject to the completion of certain warranties.
"At the time of our IPO we stated our belief that the fragmented nature of our industry would provide us with the potential to augment our organic growth with both bolt-on and strategic acquisitions. Commercial Network Services is a profitable business whose services reflect those we offer to retail traders. The business therefore fits well within our acquisition criteria and we anticipate will be a valuable addition to the group," Chief Executive Officer Gordon McArthur said.
Beeks Financial Cloud shares were trading up 0.5% at 98.02 pence each.
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