AIM-listed computing solutions provider Belgravium Technologies has exchanged a conditional contract to acquire the entire issued share capital of Feedback Data (FDP), for a cash consideration of around 600,000 pounds.
On Tuesday, the company issued an update stating that completion of the acquisition was expected to take place on May 31st, adding that the consideration for the acquisition would be settled from the company's existing cash resources.
FDP specialises in workforce management for companies operating in both the industrial and retail environments and is currently a wholly-owned subsidiary of Feedback, an AIM-listed company.
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The audited accounts for FDP for the year ended May 2012 show a turnover of £1.93m and a loss before tax and group management charge of £54,000.
John Kembery, Chairman of Belgravium, said: "FDP operates in sectors that are new and exciting to Belgravium and the acquisition will enable both FDP and Belgravium to share and utilise their respective hardware and software capabilities."
He added: "Belgravium brings a strong technical base to FDP's existing business and product ranges. We believe that with the additional resource and investment that we can provide, FDP will soon be restored to a position of profitable growth."
Belgravium Technologies' share price was up 9.09% to 3.0p at 12:13 on Tuesday.
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