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Enables IT Group

  • BY: Andrew Hore |
  • POSTED: 04/11/2013 |

Enables IT is buying US-based IT services provider Know Technology for $1.5m in cash and shares. 

A placing at 36p a share will raise £2.5m will finance the acquisition and investment in the company’s HAVEN cloud infrastructure and facilities.

Enables IT believes that its management can improve the efficiency of Know Technology by integrating the business, which will also enhance its existing operations in New England. In the year to June 2013, the business generated a profit of $300,000 on revenues of $2.8m, of which 50% were recurring. The senior management of Know Technology will receive bonuses if profit targets are achieved and 50% of the bonus due on the third anniversary of the deal. If other criteria are achieved there will be an additional bonus of $250,000 to be paid in shares.

At 40.5p a share, down 2p, Enables IT is valued at £10.6m. Enables IT is trading in line with expectations.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2013_49.pdf

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