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Charteris

• BY: Andrew Hore |
• POSTED: 23/09/2008 |
• COMMENTS: Add yours

Business and IT consultancy Charteris is acquiring SIG Consulting for an initial £1.9m.

Charteris could pay up to £2.5m for SIG, which is focused on enterprise resource planning software on the Dynamics AX platform. SIG generated revenues of £3.25m and profits of around £200,000 in the year to June 2008.

The deal will be partly funded by the re-mortgaging of Charteris’ offices. Charteris had net cash of £1.2m at the end of January 2008 and property worth around £3m.

There will be costs for integrating SIG so the deal will be earnings neutral in the year to July 2009. It should be earnings enhancing the following year.

Charteris has been seeking to increase its exposure to Microsoft Dynamics technology so this looks a good deal for the company.

The company’s shares rose 0.5p to 16.25p each, which values Charteris at £7m.

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