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Avisen
- BY: Andrew Hore |
- POSTED: 17/03/2011 |
Avisen is selling Inca Software to Logicalis less than two years after buying it.
Avisen bought IBM Cognos reseller Inca Group in July 2009 for £3.5m in shares. Avisen will receive £7.3m in cash from Logicalis, which will also take on net liabilities of £1.35m. The first £6m is payable on completion and the other £1.3m after 12 months. The deal is expected to complete on 1 April.
Inca made a pre-tax profit of £300,000 on revenues of £4.36m in the year to July 2010. Group revenues were £6.05m and Avisen reported a small loss before one-off costs. Net debt was £148,000 at the end of July 2010.
Avisen wants the cash to invest in its SaaS Storage Analytics product and to finance potential acquisitions.
At 6.5p a share, up 0.38p, Avisen is valued at £14.7m.
Download the March edition of AIM Journal at http://www.hubinvest.com/AIMPDFMarch2011_18.pdf
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