RSS

Scottish firm buys inGroup

Article Date:  Aug 09 2007 Mark Dunne

An Edinburgh-based provider of IT products and services has added a London office to its business after buying a rival firm. Glen Group bought IG Software, which trades as inGroup, for £1.35 million.

The deal was satisfied through the issue of 200 million shares and £250,000 in cash funded from existing resources and debt.

Glen completed the deal through its Eclectic Group subsidiary, which has worked with inGroup on previous projects.

This deal is part of the group’s strategy of building its business through bolt-on acquisitions. Prior to completion, Electric had consultants working in London, but this deal has given the company a permanent base in the capital that will be led by inGroup’s principals, Surit Patel and Jofi Alexander.

Glen Group is an IT consultant that provides telecommunications and hosted broadband services to small businesses. It also supplies business intelligence and related IT services to the corporate and public sectors through offices in Glasgow, Edinburgh, Rotherham and London.

inGroup provides software and consultancy services that aim to support organisations in assessing performance as well as improving their financial reporting, budgeting and planning.

Comments 

There are currently no comments on this article

Sign up and get...

  • Regular GrowthBusiness newsletters
  • Post comments on articles
Sign up

Trying to raise business finance?

The Vistage Guide to Raising Finance in The New Economy. It tells you what your options are and how best to present your case for business finance. Simply visit www.neweconomyblog.co.uk/rf2 to request your free copy.

Hiscox Business Insurance 

Life’s full of uncertainties, but you never want to be in any doubt about your business insurance. Hiscox offers broad and inclusive business insurance available online. You can tailor a policy to suit your business needs from a broad range of covers. Find out more.

Selecting the right IT strategy in 2010

Owner managers and CEOs of fast-growing companies want IT-applications that accelerate competitive advantage and improve operational efficiency. This free whitepaper helps you plan and choose the right IT strategy for your business in 2010. Download ‘Selecting The Right Software Vendor’.

Research

  • Directors' Pay AIM 2009

    What should an AIM company pay its CEO or FD?
    What should a non-executive director or chairman expect to be paid?
    What benchmarks should AIM remuneration committee members be using when
    setting pay?

VCT Special Report 2009

This reports principle aim is to provide business owners seeking funding with information about the amount of funds that VCTs have to invest.

Cash Shells Special Report 2009

A comprehensive overview of cash shells on AIM and PLUS, companies that have become a significant feature on the market landscape.

More

Events Calendar

The Media Magnate Awards 2009

26th March, Vinopolis, London

More

More News: Fundraising Deals

Kromek raises Series D round

A Durham University spin-out with technology to help detect terrorist threats is now valued at £52 million following a fourth round of financing.

ControlCircle raises £6 million

A company which manages data centres and internet connections for websites including KPMG and Rightmove has raised £6 million in growth capital.

HG Tech Fund opens for investment

A new fund is being launched under the Enterprise Investment Scheme (EIS), planning to secure tax breaks for its investors by backing growing companies.

Advertisement

Related articles

RPS makes Paras its latest addition 

An Oxfordshire-based natural resources consultancy has made its second acquisition in as many months after buying a rival firm.

NVM backs ex-Ithaca management team

The former management team of Ithaca Business Media has secured £7 million from NVM Private Equity to fund a new business. CloserStill Holdings has been created to purchase mid-sized exhibitions and event businesses, which the management believes it can sell on to larger players.

We're in recession, says Moulton

Jon Moulton, the founder of private equity group Alchemy Partners, says it’s time for entrepreneurs to ‘stop worrying about prosperity and to start thinking about survival’.

Pentech closes software fund

Glasgow-based venture capitalist Pentech has raised £45 million for its latest fund, which will invest in software companies in the UK and Ireland. The fund will back businesses with global potential in the enterprise software, telecoms software, internet and mobile sectors.

Poll

What should Alistair Darling deliver in the Budget?




Have your vote on current issues

People who read this also read

  • NVM backs Astbury Marsden buy-out

    Astbury Marsden, which recruits professionals for the banking sector in the City of London, has been bought by two of its directors for £17.5 million. NVM Private Equity is investing £5.6 million in the buy-out.

  • Crucible pots snooker hall acquisition

    Snooker and pool hall operator Rileys is to be bought by institutional investors in the US and UK. Crucible Acquisitions, a consortium of two private equity groups, will pay £34.1 million for the company.

  • Travelzest heads to Cuba

    Captivating Cuba, a UK-based company offering holidays to the Caribbean island, has been bought by AIM-listed tour operator Travelzest for £10,000. Travelzest also takes on the debts of the company, which amount to £242,000.

  • Intellectual property fund raises £31 million

    IP Group, a listed company which aims to commercialise intellectual property (IP) from universities, has completed a second closing of IP Venture Fund. The total amount raised by the fund now stands at £31 million.

  • Mexico-focused oil and gas play in AIM IPO

    Leed Petroleum, an oil and gas exploration and production company focused on the Gulf of Mexico, has listed on AIM. The company was formerly a wholly owned subsidiary of Japanese resources conglomerate IB Daiwa, whose stake in the business is now diluted to 41.7 per cent.

White Papers

Better Roads

Serves the information needs of governments and construction contractors involved in Federal, State, County, City and Township highway, road and bridge construction, winter maintenance, roadside and vegetation management and other highway-related projects.

Defense Technology International

Is the one publication focusing on the critical role of defense technologies in programs, policies, programs and funding, providing readers with integrated intelligence and global perspective in Land, Sea, and Air.

FierceGovernmentIT

Is a free, three times a week email briefing for government employees and contractors on the latest government technology news.

More