Panoply Holdings acquires tech services business Arthurly

(Sharecast News) - Technology-focussed services group, the Panoply Holdings, announced the acquisition of Arthurly on Wednesday.
The AIM-traded company described Arthutly as a technology services business with "particular strength" in the Microsoft Technology Stack.

It said Arthurly has won and delivered a number of projects alongside Notbinary - a business within the group - over the last six months.

Consideration for the acquisition totalled £0.41m, of which £0.15m was to be paid from existing cash resources, and the rest to be settled by the allotment and issue of 365,853 shares in the Panoply.

The acquisition was expected to be immediately margin and earning enhancing to Notbinary.

"Arthurly have been working with Notbinary for several months to support bids and to deliver on some of our most important public sector clients," said chief executive officer Neal Gandhi.

"Bringing them into the group adds to our depth of capabilities in hyperscale cloud projects, in particular giving us greater strength on the Microsoft stack.

"Like many smaller companies, Arthurly sees the opportunity to maximise the value of their capabilities through being part of a larger group."

Gandhi said they were trusted by numerous large client organisations to deliver smaller projects but have been unable to secure larger contracts due to their size.

"By becoming a wholly integrated part of Notbinary, we expect to see the team at Arthurly being able to move up the value chain to fuel further growth.

"Our clients continue to entrust us during a period of major change and that in turn gives us the confidence to continue to invest in our growth and complete this acquisition at this time."

At 0901 BST, shares in the Panoply Holdings were up 7.69% at 77p.