IT services provider SciSys has acquired software engineer and consultancy MakaluMedia Internet & Engineering Services GmbH for €2.32m.
The acquisition will enhance the position of SciSys in the European space sector and strengthen its ability to become a prime contractor. SciSys is not buying the MakaluMedia brand but it can use it for 18 months.
MakaluMedia is based in Darmstadt near to an existing SciSys office. The purchase price is dependent on the net assets being €600,000. MakaluMedia generated a profit of €452,000 to €3.31m.
The deal should be immediately earnings enhancing. At 59.5p a share, SciSys is valued at £17.3m. The shares are trading on nine times prospective 2012 earnings.
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