News blog
Access Intelligence
- BY: Andrew Hore |
- POSTED: 01/07/2009 |
Access Intelligence is buying software provider Ether-Ray Ltd for £2.413m.
An issue of £1.75m of 6% June 2014 convertible loan notes will help to finance the purchase. The loan notes are convertible at 4p a share – which is lower than the present share price. At 4.375p a share, Access is valued at £6.98m.
Ether-Ray has a Software-as-a-Service model and most customers sign up for a six year term. The company’s Marcomm hosted software is used by corporate communications teams in the public sector. The company also has an online database of journalists called Codex.
Access already owns Wired-Gov which sends emails containing information on the public sector to its database of contacts. There are also software companies in the group that have a public sector focus.
Ether-Ray is profitable and revenues are growing. It made operating profits of £380,000 on revenues of £888,000.
Elderstreet VCT and Unicorn VCT are subscribing for the majority of the loan notes. Access chairman Michael Jackson is on the board of investment manager Elderstreet, which owns 14.8% of Access.
Access is holding a general meeting to gain shareholder approval for the issue of additional shares if it finds suitable acquisitions or the loan note holders want to convert.
Access returned to profit in the six months to May 2009. Revenues grew 38% to £2.67m, while a £1.17m loss was turned into a £199,000 profit. There was a six month contribution from Solcara, a search and information management company which has developed software to search, identify and analyse data.
© 2025 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|