Marlowe acquires e-learning platform Cylix

(Sharecast News) - Regulatory software and systems provider Marlowe has acquired e-learning software platform Cylix, it announced on Monday, for an enterprise value of £1m.

The AIM-traded firm said Cylix, established in 2002, is based in Bath and provides accredited equality, diversity, wellbeing, and health and safety e-learning courses to companies across the UK.

It said the acquisition would broaden its e-learning offering, and would offer "attractive synergies" with its recently-acquired compliance and safety e-learning platform Deltanet.

For the year ended 31 January, Cylix generated an operating profit of £0.3m on revenues of £1m, and net assets as at 31 January totalled £0.5m.

"The acquisition will be funded from Marlowe's existing cash resources," the board said in its statement.

At 0853 BST, shares in Marlowe were flat at 777p.