Altitude Group Share News (ALT)

Promotional merchandise and marketing firm Altitude is buying the business and assets of Technologo, which provides virtual sample services to the promotional product industry.AIM-quoted Altitude is buying the Toronto-based business from Landmark Corporate Marketing Services for $1.9m in cash. The customer base is in North America and Europe. Technologo made underlying operating profit of $150,000 on revenues of $800,000 in 2010.Altitude already offers Cloud Computing-based services through Trade Only and combining the two operations will provide a better service to the fragmented promotional merchandise market, particularly in North America. The service provided helps customers to be more efficient and reduce costs. Trade Only has already been using Technologo's technology for several years. The deal should be completed in April.