14th Jun 2019 09:30
(Alliance News) - Education sector technology provider RM PLC said Friday it acquired software services firm SoNET Systems Ltd for GBP7.3 million.
RM bought the Australian educational and government software firm to open new market opportunities and accelerate growth at its RM Results unit. SoNET brings several new customers in Asia Pacific and Europe.
For the year ended April, SoNET delivered revenue of GBP3 million. For the year ended November, RM generated GBP221.0 million in revenue and GBP26.0 million in pretax profit.
"SoNET is a business that RM knows well and has previously worked with successfully," RM Chief Executive Officer David Brooks said. "This acquisition demonstrates RM's ambition to invest in new technology and will help accelerate international growth."
"Digital assessment is a growing segment within the education market and RM Results has established itself as a market leader", Brooks added. "The addition of SoNET's expertise will further strengthen our ability to capitalise on this growth opportunity."
Shares in RM were 0.4% higher at 236.00 pence in London on Friday.