Idox announces acquisition of electoral software group Halarose
Public sector information management firm Idox announced on Thursday it had acquired Halarose Holdings, a supplier of electoral back office software and services in the UK for £5m.
The acquisition was in line with the group's strategic focus on the public sector and was seen as a move that would help it to form a larger, more effective elections business capable of rapidly accelerated growth with Halarose set to be completely integrated into Idox's existing elections business, Idox Elections.
The acquisition was comprised of a £3.5m cash payment and another £1.5m in shares.
The Berkshire-based firm will retain its senior management team for a minimum of two years after the acquisition.
Chief executive Andrew Riley said: "The acquisition of Halarose, which has a strong product offering, team, and track record, presents Idox with the opportunity to significantly expand its existing presence in the elections market.
"It is expected to be earnings enhancing in the first full year of ownership and supports our strategy of focusing on and investing in the wider public sector in the UK and abroad."
As of 1125 BST, shares had seen little movement and were up by just 1.76% to 62.08p.