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Access Intelligence
- BY: Andrew Hore |
- POSTED: 05/11/2008 |
- COMMENTS: Add yours
Software as a service provider Access Intelligence is buying Solcara from ArgentVive for £750,000.
ArgentVive acquired Solcara in January 2008 for £4.5m. That is a sharp fall in value over 10 months. ArgentVive wanted to keep the business but did not have the cash to develop it. ArgentVive will receive £720,000 net of costs. It needs the cash to continue to trade. The remaining business is being restructured and some other businesses will be sold. ArgentVive has lost 97% of its value over the past year.
Solcara is a search and information management company which has developed software to search, identify and analyse data.
In the year to March 2008, Solcara generated turnover of £1.6m, against £1.3m the year before and increased its operating profit from £85,000 to £140,000.
Ray Jackson, the founder of Solcara, will become a non-executive director of Access. He is also resigning as managing director of ArgentVive.
This is the first deal since Michael Jackson took the helm at Access. He is particularly keen on Solcara’s blue chip customer base. There should be opportunities to cut costs and cross-sell with other group businesses.
At 2.25p a share, a rise of 0.125p, Access is valued at £3.51m.
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