Aquilo has acquired the software development division of IP Industries.
Aquilo's existing software subsidiary, Ecom Group Limited, and IP Industries will become key components of the newly formed Aquilo Technology Services.
The acquisition will almost double the revenues and skilled personnel resources of Aquilo's software division.
The founder of IP Industries, John Swain, will become a senior manager in the enlarged software team.
The consideration for this acquisition is based mainly on the achievement of revenue targets over the next 2 years and is capped at a maximum of £75,000. Small, up-front payments have been made for tangible assets and intellectual property rights.
Ian Howat, the newly appointed MD of Aquilo Technology Services said: "We are excited by the enhanced opportunities that will be realised from the IP Industries personnel joining with our current Ecom team. The skill sets of the teams are complementary, our client base will be broadened and our position as a leading e-business systems integrator is strengthened. We also see increased opportunities for cross selling with our Business Solutions Division".
