Morse has bolstered its consultancy offering with the acquisition of professional services firm Xayce.
The acquisition is for an initial £3.6m, but a further £2.5m will be payable in Morse shares if Xayce achieves its targets to 30 June 2010.
Kevin Alcock, chief executive of Morse, said: “We already have a strong market position in financial services, and the acquisition of Xayce will further enhance our management consultancy capabilities in insurance and retail banking as well as giving us additional consultancy capability and relationships to more effectively position ourselves for the back office transformation work coming on stream in local government.
“At our full year results we stated that we would make acquisitions where they offer the opportunity to add specialist capabilities or accelerate the Group’s overall development effort and it is pleasing to be able to deliver on that.”
Xayce was founded in 1998 by a number of ex-Accenture consultants and has a client base of over 70 private and public sector organisations including Royal & Sun Alliance, Allied Irish Bank, Lloyds TSB and numerous UK city and county councils. It has 25 staff.
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