Software firm Sanderson has taken over rival One iota in a deal worth up to £5.43 million – taking a step further into the mobile sector.
Sanderson has also placed more than six million new shares, in an attempt to raise £3.5 million, on the back of the move.
The acquisition of cloud-based, e-commerce business One iota, based in Rossendale, Lancashire, follows the £600,000 purchase of Rugby e-commerce firm Catan Marketing in August.
Adrian Frost, finance director of Sanderson, said: “We are very pleased to complete this strategic acquisition and announce the proposed fund-raising. The knowledge, professionalism and determination of the team at Schofield Sweeney were integral to ensuring these transactions proceeded successfully.”
Coventry-headquartered Sanderson has bought One iota through its subsidiary, Sanderson Multi-Channel Solutions.
One iota provides cloud-based, multi-channel solutions via mobile, tablet and in-store devices.
For the year ended January 31, 2013, it had unaudited turnover of £660,000 and pre-tax profits of £195,000. At January 31 2013, One iota’s net assets were £850,000.
Sanderson chairman, Christopher Winn, said: “Following the acquisition of Catan Marketing in August 2013, the One iota acquisition further strengthens the company’s position in the rapidly expanding mobile enabled e-commerce and online sales markets.”