(Sharecast News) - Software firm Idox has acquired Aligned Assets Holdco, a UK-based public sector software business, for a total maximum consideration of £10.5m.
Idox said on Monday that the acquisition of Aligned Assets enhanced its "leading offering to local authorities" and built its on public sector software-focussed growth strategy, following the disposal of the company's content division.
The AIM-listed group, which anticipates the acquisition will be "immediately earnings enhancing", will make an initial cash consideration is £7.5m, increasing to a total maximum of £10.5m, comprising earn-out amounts of up to £1.5m in cash and £1.5m payable in equity over two years, funded from Idox's existing financial resources.
Chief executive David Meaden said: "This is a valuable acquisition for Idox that builds on our public sector software-focussed growth strategy. Having recommended Aligned Assets to existing customers to use alongside our own built environment software, the acquisition will enhance and optimise our current offering and is a natural fit."
As of 1020 BST, Idox shares were up 2.82% at 62.72p.
Idox Group (IDOX)5 Apr 2024 13:52