In November, Xploite announced it would buy four managed services units, including Blue River, from Cantono for a total consideration £3m. The combined businesses employ 70 people and boast 45 managed services customers.
But Xploite announced this morning it is in dispute with regard to the sale and purchase agreement between the two parties.
The VAR, which is headed up by entrepreneur Ian Smith, would not divulge details, but said the dispute relates to the amount of deferred consideration that was due to be paid to Cantono on 15 March.
The dispute is not expected to have any impact on Xploite’s current expectations for the year.
Alternative investment market-listed Xploite’s share price has spiked by about three quarters in 2009 and the storage and managed services specialist released upbeat full-year results in January.
Turnover for the 12 months to 31 October swelled by 60 per cent to £46.3m, while adjusted earnings before interest, tax, depreciation and amortisation of goodwill, including discontinued operations, more than trebled to £4.3m.
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