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07 Sep 2007
Storage VAR Xploite has accepted a management buyout bid for its Fujin Technology arm, following on from a recent ‘strategic review’.
Top brass at Fujin paid Xploite £1.04m in cash for the division, which provides a storage, security and delivery platform to mobile network operators.
Xploite was known as Fujin before it changed its name in April to reflect its developing strategy. But it retained the Fujin name for its mobile products, which generated £1.4m in turnover and an operating profit of £0.2m for the six months to April.
Xploite said it will reinvest the proceeds into its storage and managed services business. It has retained the rights to Fujin’s patented content filtering and categorisation software.
Ian Smith, chief executive at Xploite, said in a statement: “The disposal is a direct result of the strategic review that we highlighted in our interim results in July.
“Fujin is no longer core and its disposal will allow us to concentrate on growing our storage and managed services business.”
Smith concluded: “We are delighted to have reached an agreement that provides continuity for Fujin’s management and customers, whilst at the same time protecting some of our investment to date, through securing the rights to Fujin’s patented software for Xploite.”
Earlier this year, Smith told CRN he intended to build a £100m storage reseller in 12 months by making an acquisition each quarter (CRN, 19 February).
In February Xploite snapped up storage VAR Posetiv for £4.6m (CRN, 19 February). Two months later the firm swooped on Bristol-based IBM partner Anix for £10.45m (CRN, 4 April).
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