Innovise takes Expolink Europe
Brierley Hill-based Innovise, the AIM-quoted software solutions and IT services provider, has acquired the software division of rival Expolink Europe. Wiltshire-based Expolink was purchased for total cash consideration of £810,000.
Based in Chippenham, Wiltshire, Expolink Software competes with Innovise in the facilities management, transport and NHS markets.
Innovise will fund the acquisition through a £500,000 loan note and operational cash flow.
Mike Taylor, chief executive of Innovise, said: "Expolink Software has been a highly respected and successful competitor for many years, with a large and loyal customer base, excellent products and a great team.
"I am delighted that we will be able to combine the products and talent within our businesses to better serve our joint customer base. I am confident the expanded business will enable us to generate sustainable long-term growth through continued innovation in our chosen niche markets."
David Crook, chairman of Expolink Europe, said that the software division had “grown steadily” over the years and had now “reached a stage where more focus is required to fulfil its potential”.
For the year to April 2010, Expolink's software division reported sales of almost £900,000. Completion of the acquisition is expected to take place on or before 10 November this year.
