Coventry qualifications firm EDI has acquired Maidenhead-based Peter Honey Publications (PHP) for £1.25 million.
All the business operations at PHP, which develops and publishes a range of self-assessment development tools focused on learning and behaviour, will be moved to EDI’s head office over the next four months.
EDI paid £1.1 million in cash for the acquisition, with the remainder to be paid when the move is completed.
The board of EDI described the PHP acquisition as a "sound strategic fit" that would open up new areas for the company, and enhance earnings.
PHP’s customers include universities, public authorities and blue-chip private sector organisations and, while EDI’s own customer base includes a large number of public and private sector organisations, it is predominantly made up of training organisations and further education colleges. EDI said there would be opportunities to sell both firms’ products across each other’s customer base.
PHP was set up by personal development experts Dr Peter Honey and Dr Alan Mumford. It has a database of over 11,000 customers, of which some 6,000 receive regular information by post. The company’s website, www.peterhoney.com, attracts more than 10,000 hits a month.
Nearly 90 per cent of its revenues come from the UK with more than half of all sales generated from services which are delivered online.
EDI’s chief executive, Nigel Snook told the stock exchange: "Peter Honey Publications has developed and marketed a well respected range of assessment and support materials which have a loyal customer base. The acquisition of these services opens up a new area of the assessment and personal development market to EDI and also presents cross selling opportunities.
"The business can be integrated with our own operations in a short period of time and with the minimum of disruption. This will provide immediate synergies although we plan to invest in the development and marketing of the high quality services we have acquired."