A law firm which offers more

Call us: 0113 246 0622

Yorkshire IT business acquired by Accumuli

Comments

Garforth-based IT business Boxing Orange has been bought in a £7.5m cash and shares deal by AIM listed IT security firm Accumuli in Salford.

Garforth-based IT business Boxing Orange has been bought in a £7.5m cash and shares deal by AIM listed IT security firm Accumuli in Salford.

The vendors were advised by a Yorkshire team of advisers including Christian Hunt of Clarion and John Holyroyd or Mazars, both based in Leeds.

The purchase of the West Yorkshire company which specialises in security products and managed security services completed yesterday (29 March 2011) and includes its wholly-owned subsidiaries Webscreen Systems Limited and Boxing Orange MSS Limited.  It sees Accumuli paying £2.7m in cash and issuing 31m shares at 8.75p; a further £2.1m will be paid in cash if the company hits targets. 

Established 10 years ago, Boxing Orange had earnings before interest, depreciation and amortisation (EBITDA) of £714,000 and pre-tax profit of £521,000 on sales of £3.5m in the year to March 2010.  It has established a reputation as one of the largest and most innovative managed security service providers in the UK, working with clients in central and local government, gaming, insurance, financial services, retail, manufacturing and telecoms.  The company has 24 staff, excluding directors, who will all remain with the business.

Graham Norfolk, Chairman, commented: "We are delighted to announce the third acquisition in our stated strategy of building a Managed IT Security Services business.  Boxing Orange provides the company with an established, profitable, managed service capability with significant opportunities to cross sell complementary services across the company's customer base.  We look forward in the near future to providing further updates upon our acquisition strategy."

It is Accumuli’s third acquisition since November, having bought a telecoms firm, Tuscany Networks in Hampshire for £4m, and specialist security systems integrator Fujin Group in Berkshire for £2m.

 

 

For further press information, please contact:

Susan Reid on (01423) 56 99 99 or susan@appealpr.com