Performance management company Avisen has acquired its rival Wexner Global Limited.
The AIM-quoted company bought the business and certain assets for a total consideration of £120,000. The transaction is being satisfied by 888,889 new ordinary shares at a price of 13.5 pence each.
Wexner, founded in 2002, made a profit after tax of £71,903 on a turnover of £1,134,137. The total value of the assets as at that date was £216,689.
Marcus Hanke, chief executive officer of Avisen, said: “The acquisition of Wexner will bring considerable opportunities to the company and we are pleased to welcome Jonathan to the team.
“Wexner's client base will be enhanced with our software tools and it will help to create solid ongoing revenue opportunities for Avisen.
“This deal is the first of what the board hopes will be a number of acquisitions, subject to due diligence and price, to be made in what promises to be an exciting year.”
Jonathan Hill who co-founded Wexner will join Avisen as head of advisory services, he is the only employee to do so.
© Crimson Business Ltd. 2009