Staffordshire business software firm EG Solutions has acquired XTAQ, a firm that develops and supplies business performance measuring programmes for nearly £250,000.
XTAQ, which employs eight people at its Bristol headquarters, was founded in 1993. Current customers of its Nuqleus 3D software include Aegon, Barclaycard, Citibank, GE Capital, Principality Building Society and Royal Bank of Scotland as well as a number of public sector clients.
In the year to March 31 2009, the company had a turnover of just over half a million pounds, but made an operating loss before tax of £150,000. The amount paid by EG includes £33,333 cash, with the rest made up in shares and loan notes.
EG chief executive Elizabeth Gooch said the two companies had "complementary products and customer bases", and that EG had been planning to develop its own range of performance-measuring tools.
She added: "We believe that the acquisition of XTAQ is an excellent ‘bolt on’ to EG. It strengthens our position in the back office optimisation market, extends our product range, expands our customer base and adds to our recurring revenues. Furthermore, we consider that the sales prospects for Nuqleus 3D will be significantly improved by XTAQ being part of a larger and stronger business."