Advanced Computer wants to turn Fabric to gold

Advanced Computer Software (ACS), a provider of healthcare and business management software, has bought the managed services provider Fabric Technologies.

ACS is paying £4.6m for Fabric, which provides communication solutions to 160 UK mid-market customers in banking and other professional services. It has 95 employees and turnover of £11.2m of which 58% is recurring, with profit before tax of £0.5m.

ACS says the deal will be immediately earnings enhancing and claims it has identified "early synergies".

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Vin Murria, Chief Executive of ACS, commented: "Fabric's market-leading offerings will help drive further cross-selling of managed services into the Group's 7,000 strong customer base."

ACS's share price had climbed 4.7% by 10:56. Over the last year the company has grown 67%.

BS