Business
Acquisition of inGroup
Acquisition of inGroup.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n Glen Group PLC\n09 August 2007\n\n\n Glen Group plc ('Glen' or 'the Company')\n Acquisition of I G Software Limited, trading as inGroup ('inGroup')\n\nGlen Group plc, the Edinburgh based provider of integrated IT and communication\nservices, is pleased to announce it has acquired the entire issued share capital\nof inGroup, an IT professional services and value added reseller, through its\nsubsidiary Eclectic Group Limited ('Eclectic').\n\nThe acquisition of inGroup was for a total consideration of £1,350,000 satisfied\nby the issue of 200,000,000 shares at 0.55 pence per share and £250,000 in cash\nfunded from internal sources and bank facilities. The price per share represents\na premium of 100% above the mid-market price at the close of business on 8th\nAugust 2007.\n\ninGroup provides consultancy services and software to assist organisations\naddress corporate performance management needs, such as improved financial\nreporting, budgeting and planning. inGroup is vendor independent, allowing it to\nadvise organisations and tailor solutions and technology to a client's specific\nneeds. inGroup manages the entire process, from the initial business discovery\nand requirements analysis through to implementation, training and support,\nproviding resources at any given point in the process.\n\nThe services provided by inGroup are highly complementary to the Business\nIntelligence ('BI') focus of Eclectic which, when coupled with inGroup's\nperformance management solutions, delivers a consultancy offer that is wider in\nscope than a pure BI proposition. Prior to the acquisition, Eclectic had started\nworking on joint proposals with inGroup and has already been successful at\ngaining its first joint contract.\n\nThe acquisition also brings with it a permanent base in the London area, where\nEclectic is also active. Eclectic intends to fully integrate the consulting\nteams and the two principals of inGroup, Surit Patel and Jofi Alexander, will\nhead up Eclectic's London area operations post completion.\n\nBelow are the results of inGroup for the year ended 31st December 2006 taken\nfrom the unaudited filed accounts for that year. The unaudited figures for the\nhalf-year to 30th June 2007 are taken from the internal management accounts. The\naccounts are prepared under UK GAAP.\n\nINCOME STATEMENT 6 Months ended Year ended\n 30th ...