(Alliance News) - Panoply Holdings PLC on Wednesday said it has acquired Arthurly Ltd, a Griffithstown, Wales-based software company.
The IT service management company said it will pay GBP412,000 for Arthurly on a cash-free and debt-free basis, of which GBP150,000 is to be paid from existing cash resources and the remainder to be settled by the allotment and issue of 365,853 shares in Panoply.
The acquisition is expected to be immediately margin and earning enhancing to Notbinary, a Panoply business within which Arthurly will be integrated.
Arthurly has been working in partnership with Notbinary, over the last six months. Together they have won and delivered a number of projects, Panoply said.
Arthurly is debt-free, cash generative and has delivered circa GBP300,000 of revenue in the past seven months from external contracts not connected with Panoply.
Following the completion of the Arthurly acquisition, Panoply will operate 10 consulting businesses.
"Becoming part of the group is a natural progression for Arthurly and will enable us to deliver on a much larger scale with additional support to expand our growing client base. We are excited to be part of something special and can't wait to get started," said Arthurly Founder & Chief Technology Officer Stuart Arthur.
AIM-listed Panoply shares were trading 7.7% higher in London on Wednesday at 77.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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