14th Oct 2024 08:21
(Alliance News) - Oxford Metrics PLC on Friday said it has agreed to buy Sempre Group Holdings Ltd for up to GBP5.5 million.
Oxford Metrics is an Oxford, England-based smart sensing and software company that provides services to life sciences, entertainment and engineering markets. Sempre is a Gloucester, England-based metrology solution provider for UK and Irish manufacturers.
Of the GBP5.5 million to be paid by Oxford Metrics, GBP5.0 million will be in cash from existing resources, and an earnout of up to GBP500,000 based on Sempre meeting agreed targets.
Sempre reported pretax profit of GBP700,000 on revenue of GBP6.5 million in 2023. With Sempre's trading over the last eight months having been "consistent with delivering a further improvement in performance", Oxford Metrics said it expects the acquisition to be "immediately earnings enhancing".
Chief Executive Officer Imogen O'Connor said: "Oxford Metrics first established a foothold in the smart manufacturing market with our Industrial Vision Systems acquisition, and we said we would build out our presence via a targeted mergers & acquisitions programme.
Today's acquisition of Sempre strengthens our smart manufacturing division, it has synergies with IVS and also brings us a deep pool of industry knowledge, an established sales and services organisation plus access to new customers, partners and products, taking us into new markets. To continue growing, our smart manufacturing division our investment strategy needs to be in both people and products with clear commercial and technical synergies."
Shares in Oxford Metrics closed 4.1% higher at 59.32 pence each in London on Friday. They were up 1.3% to 61.80p early Monday.
By Emily Parsons, Alliance News reporter
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