Rival buys out software company
Montag, 1 März 2010
Yorkshire software firm Cobent has been sold to an industry rival for £5.2 million.
The company specialises in compliance software and includes the United Nations and Barclays among its customers.
Access Intelligence is paying £3 million in cash, £200,000 in "deferred consideration" and is issuing 33.3 million shares in the deal. It is also issuing another 60 million ordinary shares to raise the £3 million cash.
The 93.3 million new shares represent 36.9% of the enlarged share capital of Access Intelligence.
Michael Jackson, executive chairman of Access Intelligence, said: "Cobent offers a best of breed compliance training platform in highly defensive markets. Cobent has a strong management team with specialist knowledge in delivering compliance solutions into FDA, FSA and HSE regulated markets.
"The acquisition is in line with our plans to focus Access Intelligence as a provider of compliance solutions via software as a service. Cobent has good synergies with our existing businesses and we look forward to leveraging the significant expertise of the team in other group companies."
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