Tern acquires Flexiant business divisions

(ShareCast News) - Cloud and mobile sector investing company Tern announced on Friday that it has successfully completed the acquisition of the assets and businesses of the Research and Multi Cloud Management divisions of Flexiant.The AIM-traded firm said it partnered with Flexiscale Technology, which acquired the remaining FCO business unit, in the transaction.It said the businesses and assets were acquired from administrators appointed to sell Flexiant when the acquisition previously announced on 26 May failed to proceed, for £75,000 cash.Based on Flexiant's 2014 statutory accounts, the assets acquired by Tern were valued at £20,000."We are pleased to have acquired these assets as we perceive the greatest value can be obtained by splitting Flexiant into three business units," said Tern chairman Angus Forrest."There was interest from major corporate buyers in acquiring Flexiant Ltd."We will concentrate on driving the commercialisation process following which we expect to achieve significant returns," Forrest added.Tern's investment in Flexiant was valued at £269,270 in its audited accounts for the year ended 31 December 2015 against which full provision has been made.