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  • BY: Andrew Hore |
  • POSTED: 08/10/2013 |

Enterprise software provider Sanderson Group is acquiring cloud-based, multi channel retail software business One Iota for up to 5.43m. 

A placing at 55p a share will raise 3.5m. This will cover the initial cash payment of 2.38m. There will also be 750,000 of shares issued at 57.05p each. A further 300,000 will be paid in six instalments over three years. Up to 2m more will be payable depending on the business achieving targets it is set for the three years to September 2016. The profit has to be at least 300,000 in any year for a further payment to be triggered.

In the year to January 2013, Lancashire-based One Iota generated profit of 195,000 on revenues of 660,000. The most recent seven months has produced a profit of 210,000 on revenues of 610,000. One Iota has developed its own cloud-based platform called MESH. Clients include Littlewoods, SuperDry and The company was founded by former 2ergo sales director Damian Hanson and David Hague, whose business was bought by 2ergo.

This deal follows the acquisition of Catan Marketing, which provides ecommerce systems under the PRIAM name.

Sanderson will be left with a strong balance sheet which will enable it to do more add-on acquisitions and invest in technology development.

At 55.5p a share, down 1.5p, Sanderson is valued at 28.6m.

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