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Avisen /Xploite /Cantono
- BY: Andrew Hore |
- POSTED: 14/03/2010 |
- COMMENTS: Add yours
Avisen is acquiring fellow Aim-quoted technology company Xploite.
The technology performance management consultancy is offering 3.6 of its shares for each Xpolite shares. Based on an Avisen share price of 14.5p, this bid values each Xploite share at 52.2p and the company at £11.4m.
One of the big attractions of Xploite is its cash pile. It has £3m in the bank and expects to receive deferred consideration of up to £3.65m by September 2010.
The administrator of Cantono is pursuing litigation against Xploite, which did not pay the deferred consideration for Cantono‘s former IT managed services business. Xpolite has given indemnities to the current owner of this business and it has to conduct the dispute with Cantono. The litigation is for up to £4.54m. That could make a large dent in the cash.
Avisen also believes that the deal will boost its management team and that Xploite’s storage analytics subsidiary Storage Fusion will benefit from being part of a larger group.
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