Software developer Netcall (AIM: NET) announced the acquisition of Q-Max Systems Limited, which provides workforce management software to contact centres looking to expand its customer base and addressable market, for £2.5 million in cash and shares.
Q-Max, which has over 100 customers, is expected to offer cross-reselling opportunities for the group and generate £1.3 million in revenues. The debt-free Q-Max reported pre-tax losses of £80,000 for full year 2008, having gross assets of about £413,000.
Its software will be integrated with Netcall’s existing product portfolio and also made available on its hosted platform to expand the product’s addressable market and enable delivery of SaaS (software as a service) solutions.
“The acquisition of Q-Max reflects the board's objective of achieving long-term profitable growth through complementing organic growth with acquisitions. We intend to continue to take advantage of opportunities resulting from industry consolidation should they arise, building further shareholder value,” said Netcall chief executive Henrik Bang.
The company said the £2.5 million will be “predominantly paid in cash with the remainder payable in ordinary shares,” but did not specify the exact amount which will be paid in cash.
Netcall improved 2.7% in early trade following the release of the update.