23rd Oct 2014 07:34
LONDON (Alliance News) - Software provider Idox PLC said Thursday it has acquired German peer Digital Spirit GMBH for an undisclosed sum from Infinitas Learning BV, strengthening the UK company's position in Europe.
Berlin-based Digital Spirit provides compliance software and content and reported full-year revenue of EUR6.5 million in 2013 and an operating loss of EUR600,000.
"The acquisition is expected to more than double our presence in the fast growing segment of the European compliance and e-learning market," said Idox Chief Executive Richard Kellet-Clarke.
The company said the acquisition will be funded from Idox's cash and existing debt facilities and is expected to be break-even in 2015 and start to make a positive contribution to earnings in 2016. It didn't give the price it is paying for the deal.
By Ian Edmondson;
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