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Access Intelligence
- BY: Andrew Hore |
- POSTED: 07/03/2010 |
- COMMENTS: Add yours
Software-as-a-Service supplier Access Intelligence reported a return to profit in the year to November 2009.
Revenues from continuing activities increased 52% to £6.01m, while a loss of £4.6m has been turned into a profit of £566,000. Access is building up its recurring revenues.
There was cash of £1.71m at the end of November 2009 but net cash was £59,000.
Access is raising £3m at 5p a share to help finance the £5.2m purchase of compliance software provider Cobent. The rest of the purchase price is being paid in shares at an issue price of 6p a share, except for up to £200,000 of deferred consideration. Cobent generated revenues of £1.5m in 2009.
Cobent specialises in the pharmaceuticals, financial services and retail sectors. Management believes that Cobent fits well with the existing operations.
At 5.75p a share, Access is valued at £14.3m.
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