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25 Sep 2007
VARs Xploite and Red Squared are one step closer to an acquisition deal after the combined boards of directors revealed they have agreed the terms of a recommended cash offer.
If the deal, equal to 10 pence per share, goes ahead it would value the company at between £2.84m and $3.46m.
Red Squared would be Xploite’s third acquisition since February, after it acquired resellers Posetiv and Anix.
Ian Smith, chief executive of Xploite, said: “The acquisition of Red Squared is another important step in line with our 'buy and build' strategy. As our third significant acquisition, we will be in a much stronger position to capitalise on the opportunities within the IT services sector as well as to build, scale and develop recurring managed services revenues.'
John McGuire, Managing Director of Red Squared said: “The Red Squared board has carefully considered the offer by Xploite and believes that the best interests of Red Squared and its shareholders are now served by accepting the Offer in full. The Offer provides certainty of value to the Red Squared Shareholders. I would like to thank all of Red Squared's employees for their valuable contribution to the business and in particular for all their support.”
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