(Sharecast News) - Business software and services company Marlowe has acquired Hadrian Technology (HTL), it announced on Thursday, for an expected enterprise value of £3.8m.
The AIM-traded firm described HTL, founded in 1999, as a "leading provider" of CCTV and loss prevention technology across the UK and Ireland.
It said it implements CCTV solutions, operating software, digital cloud-based storage and ongoing maintenance, primarily to clients in the supermarket sector across the UK.
For the year ended 31 July, HTL generated revenues of £4m and had net assets of £3.3m, with profit margins expected to be in line with its fire safety and security activities.
"The total enterprise value will comprise an upfront cash consideration of £2m, and a contingent consideration which is expected to be approximately £1.8m over four years dependent on the achievement of profit targets," the Marlowe board said in its statement.
"The acquisition will be funded from Marlowe's existing cash resources."
At 0814 GMT, shares in Marlowe were up 1.08% at 579.2p.
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