7th Jul 2015 08:20
LONDON (Alliance News) - Software and services provider Idox PLC on Tuesday said it is to acquire Cloud Amber Ltd in a GBP5 million deal.
Milton Keynes-based Cloud Amber provides highway control, local transport network management, public transport information and fleet management systems.
Idox said the deal will boost its existing highways planning business. It will merge the business with its public sector service division.
The consideration will comprise a GBP3.8 million upfront payment, with a further GBP1.2 million due based on Cloud Amber's future financial performance.
"The acquisition of Cloud Amber is an extension of our strategy of expanding into complementary areas where we can leverage on our domain knowledge to provide value adding solutions," said Idox Chief Executive Richard Kellett-Clarke.
Idox shares were down 1.2% to 37.55 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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