LONDON (Alliance News) - Smart building and managed services provider Coms PLC on Wednesday said it has agreed to acquire Connect IB Ltd for GBP1.3 million.
Coms will pay GBP1.0 million in cash and around GBP300,000 in shares to cover the consideration. Connect IB is a software company which has developed a number of applications, including ones which address the mapping and wayfinding of smart buildings.
Wayfinding refers to information systems that guide people through a physical environment, such as a building.
Coms also said it has raised GBP3.1 million through the placing of 223.2 million shares at 1.4 pence per share. The funds will back the cash element of the deal and provide working capital to support the integration of Connect IB.
Shares in Coms were down 0.9% to 1.68p.
Coms said the deal will provide synergies with its existing Redstone business and will expand its potential customer base.
"This represents a significant strategic step and one that is highly complementary to our existing business. Connect IB is the first acquisition to be made by our new management team at Coms and one which has enabled us to enhance our core offering," said Coms Chief Executive Mark Braund.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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