IDOX, an AIM-listed supplier of software and services, has bought FMx, a supplier of computer-aided facilities software.
FMx, which is being bought for £5.6m in cash, provides facilities management software solutions to corporate, public and commercial property customers in over 30 countries. It reported revenues of £2.7m and underlying operating profit of £0.9m in the year ended March 31st 2012.
The acquisition will be funded from IDOX's cash and existing debt facilities and is expected to be immediately earnings enhancing.
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FMx will be merged with IDOX's existing Engineering Information Management (EIM) division under the McLaren Software brand and management. The addition of CAFM Explorer to the IDOX EIM product range extends the division's existing project collaboration solution, now enabling it to encompass the lifecycle of a building, campus or facility.
Consenus forecasts for the year ending October 31st 2012 are that IDOX will make pre-tax profits of £14.6m on turnover of £55.8m.
CM
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