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Accumuli

  • BY: Andrew Hore |
  • POSTED: 30/05/2011 |

Accumuli continues to pursue a buy and build strategy in the computer security market.

Accumuli has bought three businesses so far – Tuscany Networks and Fujin in the year to March 2011 and Boxing Orange just after the year end. Fujin took the group into the mobile market while Boxing Orange, which cost an initial £5.5m in cash and shares, takes the business into firewalls and intrusion detection systems. There should be £400,000 of cost savings from integrating Boxing Orange.

The plan is to make more acquisitions of network security businesses with annual revenues of around £5m and consolidate them into the group. Accumuli can then benefit from the greater scale.

Figures for the seven months to March 2011 include around four months from Tuscany and Fujin. They show a small underlying profit on revenues of £2.4m. That excludes acquisition costs of around £600,000.

The annualised revenues of the group are more than £12m.

There was cash in the bank at the end of March 2011 but this spent on the Boxing Orange acquisition.

Non-executive director Simon Duckworth bought 100,000 shares at 9.52p each. That takes his stake to 1.225m shares.

Accumuli has changed its nominated adviser and broker from Zeus to FinnCap.

At 9.88p a share, Accumuli is valued at £14m.

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