(Alliance News) - Aukett Swanke Group PLC on Wednesday said that it has bought TR Control Solutions Ltd, a developer of energy management software and provider of energy efficiency services.
According to the London-based architectural and interior design services provider, the total consideration was GBP360,450.
This was comprised of the issue of 17.8 million shares at 1.53 pence each, being the closing price of the company's shares on Tuesday, and GBP89,000 in cash.
Half of the cash consideration is payable on completion, with the remaining GBP44,500 payable on the first anniversary of completion. The consideration shares are subject to a year-long lock-in, followed by an orderly market arrangement for another year.
John Taylor, the chair and co-founder of TR Control, is leaving as part of the transaction. Jamie Finnan will stay as managing director, supported by Sarah Taylor, the business manager and co-founder.
Two further TRCS employees will join the Aukett Swanke as part of the transaction, though the firm did not specify who they were.
TRCS will change its name to ecoDriver Ltd at completion, which Aukett Swanke said would "reflect its focus on [its] unique software" and "on services based around it".
"We are pleased to have completed a third acquisition in our Smart Buildings strategy, following the purchases of Torpedo Factory Group in March and Anders + Kern in July this year. TRCS is a relatively small but impressive business, which brings proprietary IP and recurring revenues to the group. Further, the company's directors believe that the group's management systems, client base, and resources will enable TRCS to scale rapidly. We welcome Jamie Finnan and the TRCS team to the group," said Chief Executive Nick Clark.
Aukett Swanke shares were trading 1.6% lower at 1.50 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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Aukett Swanke (AUK)