18th Apr 2016 07:51
LONDON (Alliance News) - Software company Blancco Technology Group PLC on Monday said it acquired the remainder of Xcaliber Technologies, which also secured a new contract for the US.
Blancco, recently renamed from Regenersis, bought the 51% of Xcaliber Technologies LLC and Xcaliber IP LLC it did not previously own for USD5.5 million. It didn't say from whom it purchased the remaining stake.
USD800,000 will be paid upfront, with the other USD4.7 million to be paid based on Xcaliber hitting revenue targets in the next three years.
Xcaliber makes mobile diagnostics software, and Blancco said the deal will boost its overall product offering and increase its cross-selling opportunities.
"This acquisition completes a strategic investment programme which has brought Blancco, Tabernus, Safe IT and Xcaliber together into a market leading stand-alone Software Group focused on maximising the considerable opportunities in secure, auditable data erasure," said Blancco Chairman Matthew Peacock.
Blancco also said Xcaliber has secured a multi-year deal with a North American mobile phone operator and retailer to roll-out its retail diagnostics product. The deal will cover over 5,000 retail outlets and will allow the customer, which was not named, to diagnose faults with mobile and tablet devices in-store.
No financial details on the contract were disclosed.
"We are delighted that Xcaliber has signed such a significant contract in the exciting US market, which demonstrates the strength of its offering and the scope for further growth," Peacock added.
Blancco shares were up 3.0% to 234.19 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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