3rd Feb 2016 08:55
LONDON (Alliance News) - PROACTIS Holdings PLC said on Wednesday it had acquired Due North Ltd business from rival software supplier Access Intelligence PLC for GBP4.5 million.
PROACTIS said the acquisition of e-procurement supplier Due North would add 300 clients to the 500 it already supplies with software.
PROACTIS said the deal was financed from non-dilutive capital and should immediately enhance earnings. For the year ended November 30, Due North generated revenue of GBP2.0 million.
"I am delighted to announce the acquisition of Due North which is an excellent strategic fit. Due North's market penetration is substantial and should immediately benefit the wider PROACTIS business," said PROACTIS Chief Executive Rod Jones.
PROACTIS shares were up 4.5% at 127.00 pence on Wednesday, whilst Access Intelligence shares were untraded, having last traded at 4.88 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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