News blog

Accumuli

• BY: Andrew Hore |
• POSTED: 13/06/2013 |

IT security services provider Accumuli is paying £2.6m for Signify Solutions.

Signify is being acquired for £4.2m but it has cash in the bank and £2.6m is the net figure. Accumuli is keen to cross sell its existing products to the 250 Signify customers. Signify generated revenues of £2.9m in the year to March 2013 and 77% of these are recurring. EBITDA was £560,000.

Signify provides managed service Two-Factor Authentication (2FA), using public key cryptography algorithm and its own Passcode OnDemand software, which enables secure remote access to a network. 2FA is an alternative to simple passwords and it combines a PIN number or password with a physical object – key fob or mobile phone – to provide log on credentials. This is important to a range of organisations.

At 14p a share, Accumuli is valued at £20.8m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf