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".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
