Performance management consultancy Avisen PLC (AIM: AVI) said it has now completed the acquisition of Inca Holdings Ltd and its subsidiaries it announced in mid-July and raised an additional £500,000 via a subscription for 3.278 million shares at 15.25 pence each.
As already announced, Avisen is paying 3.5 million for the planning, reporting and forecasting software maker Inca via the issue of 22.95 million new shares priced at 15.25p.
This acquisition positions Avisen as a leading IBM Cognos reseller and consultancy in the UK, further strengthening its position in the performance management market, it said.
Avisen is the result of the reverse takeover of Avisen Group Ltd by AIM quoted cash shell Z GROUP PLC in February 2009. Since January, it completed the acquisitions of Wexner Global Ltd, Eon Enterprises Ltd, Quadrum Consulting (Propriety) Ltd, and now Inca.
In the group’s full-year results statement from two weeks ago, chief executive Marcus Hanke said: “Avisen's management team has grown the business rapidly in a relatively short period of time, both organically and through the pursuit of a targeted 'buy-and-build' strategy. We are confident that we can continue to deliver growth and are excited by the prospect of becoming a leading player in the business intelligence and performance management market.”
Avisen reported a £505,000 pretax profit for the 11 months to end-January 2009 compared with a £4.9 million loss in the year to February 28 2008.