RedstoneConnect is set to acquire meeting room audiovisual (AV) specialist Anders+Kern for £1.4m in a deal which it claims will grow its smart buildings offering.
Anders and Kern is a distributor and integrator of meeting room AV solutions and turned over £3.37m for the 12 months ending 31 March 2017.
In conjunction with the deal, LSE-listed RedstoneConnect announced plans to raise £6.5m by issuing a new batch of capital shares.
Mark Braund, CEO at RedstoneConnect (pictured), said: "The acquisition of Anders+Kern is another important strategic development for RedstoneConnect.
"It broadens our smart building proposition, expands both our direct and indirect sales channels and it also provides the opportunity to leverage Anders+Kern expertise to accelerate the development and deployment of [our management software solution] OneSpace.
"I am also pleased to announce the placing of up to £6.5m, the proceeds of which will fund both the acquisition and the continued implementation of our strategy. Our focus remains on the establishment of high-margin, recurring revenues and a strong portfolio of proprietary intellectual property."
RedstoneConnect said a key component of the acquisition is the addition of Anders+Kern's blue chip partner base, including the likes of BBC Worldwide and Tullow Oil.
The £6.5m raised will be used to fund the acquisition and integration of Anders+Kern, as well as further investment in the OneSpace platform.
The RedstoneConnect brand was formed last year after Coms sold off its struggling telecoms operation to Timico - before taking on the combined name of its networking business Redstone and its newly acquired software developement business Connect IB.
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