Tue, 08 Oct 2013 | BUSINESS SALE
Software firm Sanderson has purchased its rival One iota in a deal worth up to £5.43 million, with Yorkshire law firm Schofield Sweeney acting as Sanderson’s adviser.
Sanderson has also placed over 6 million new shares in a bid to generate £3.5 million.
One iota is a cloud-based, ecommerce business focusing on mobile, tablet and in-store devices, based in Rossendale, Lancashire. It had unaudited revenues of £600,000 and profit before tax of £200,000 for the seven months to 31 August 2013.
Sanderson made the purchase through its subsidiary Sanderson Multi-Channel Solutions. The company also bought Rugby ecommerce business Catan Marketing in August for £600,000.
Christopher Winn, Sanderson’s chairman, commented on the deal: “We are delighted to welcome the One iota team, led by Damian Hanson and David Hague into the Sanderson Group.
“Following the acquisition of Catan Marketing Limited in August 2013, the One iota acquisition further strengthens the company position in the rapidly expanding mobile enabled ecommerce and online sales markets.”
One iota, which has installed SmartPods into some of its retailer customers’ stores, has seen its workforce increase by 30 per cent in 12 months to 30 staff. Co-founder Damian Hanson told Manchester Evening News in September that it would “comfortably” push through the £1 million sales barrier this year.
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