Accountancy software supplier, Pegasus, has signed a letter of intent to purchase Microvitec?s CSM unit for #6.7 million.
Networking and hardware supplier, Microvitec, bought CSM as part of its Logitek acquisition last year, but has now decided to sell it off because it is not part of its core business.
The deal is scheduled to be approved at Pegasus? annual general meeting on 14 April, when the company would agree to pay #4 million in cash and #2.7 million for the company.
Chris Leak, Pegasus? sales and marketing director, said: ?We?ve worked closely with CSM for a long time - it sells accountancy software for professional accountants, the auditors of the small to medium enterprises that we sell into and who recommend what software their clients should buy. We?ve integrated our products with CSM?s since the early 1980s, so the two companies were a perfect fit.?
The merged company will have a joint turnover of approximately #12.5 million, with #8 million of that generated by Pegasus. CSM will be operated as a wholly-owned independent subsidiary and all 86 of the staff and management will keep their jobs. The CSM brand name will also be retained.
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