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Vitesse Media
- BY: Andrew Hore |
- POSTED: 05/11/2007 |
Publisher Vitesse Media is buying IT publisher Infoconomy for £770,000 in cash and shares.
Infoconomy publishes Information Age a monthly magazine aimed at IT buyers and specifiers. It also publishes magazines on behalf of 3i and Sage. It made a loss of £90,000 on revenues of £1.7m in the year to February 2007.
The cash element of the acquisition will be funded from a £770,000 placing at 25p a share. Two Vitesse non-executives, Andrew Brode and Chris Ingram, are buying some of the placing shares.
Vitesse recently reported a 65% increase in full year revenues to £2.36m and a move into profit. Vitesee’s core product is Growth Company Investor. That magazine is celebrating its 10th anniversary.
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