Loss-making VAR Actimax picked up by Coms for £2.4m
Private equity-backed VAR sells up following restructuring drive in 2013
The ownership of comms VAR Actimax has changed hands yet again following a £3.4m swoop for the firm by rival Coms.
Actimax went on an acquisition spree earlier this decade, snapping up Universal and NRG in quick succession with the backing of new private equity owner Synova Capital, but last year posted a loss and was forced to restructure.
Last Friday, "certain subsidiaries" of the Basildon-based Avaya, Mitel and Brocade partner, which has a turnover of £10m, were snapped up by AIM-listed rival Coms for an initial cash sum of £2.4m.
Coms, which only three months ago bought the bulk of networking reseller Redstone's operations, also announced it has raised £8.2m by placing 138 million new ordinary shares.
At the time Actimax bought NRG, it claimed the move would make it a £20m-turnover outfit with 100 staff, and had planned to make further acquisitions.
But it appears that its ambitions have since been reined in, with headcount currently standing at just 62 and turnover for the year to 31 December 2013 hitting £10.54m. Pre-tax losses last year hit £0.76m, with Coms admitting the business underwent some restructuring in 2013 to ensure it was "placed in a good position for the future".
"The Coms board has identified scope for further opportunities by combining infrastructure which will be capable of implementation during the current financial year," Coms stated.
"At this stage, the board believes that the benefits of this could amount to approximately £3m per annum in the medium term, with some 'quick win' synergy tariff savings to be made and with the full benefit forthcoming in the company's financial year ending 31 January 2016.
Coms will pay up to a further £1m in cash 13 months after the acquisition is completed if Actimax's revenue over 12 months exceeds £7.6m.
Trading as Cloudxl, Actimax bills itself as a managed network, unified communications and data service provider. It has 800 clients.