Sense Enterprise taken in £2m deal
Sense Enterprise Solutions, based in Linby, has been bought by listed Manchester software company K3 Business Technology. The deal is worth up to £2.45m.
Sense provides Microsoft Dynamics AX ERP technology to the manufacturing and distribution markets.
K3 will pay £1.2m on completion, with a further £350,000 being made in respect of surplus cash in the business at completion. An additional sum of £900,000 will be made if the acquired business hits performance targets.
The acquisition brings critical mass and additional skills to K3's existing AX business, as well as adding approximately 40 customers. In the year to 31 December 2010, Sense generated sales of £1.8m, of which approximately 33 per cent are recurring revenues, and an underlying operating profit of £300,000.
Andy Makeham, chief executive of K3, said: “Sense was one of the first AX partners in the UK and has established a strong reputation in the marketplace. It is also the only member of AxPact in the UK, generating significant new business wins, and this will further support the increasingly global nature of K3's implementations.”
