Tascomi, a Northern-Ireland based business that provides software to local authorities and government departments in UK and Ireland, is set to be acquired by a listed group in a deal worth up to £7.15m. Pandea member firm HNH has advised Tascomi.
Idox, a supplier of specialist information management solutions and services, has struck a deal for Tascomi, which currently serves 55 public sector customers across the UK and Ireland.
Tascomi, which has 33 staff, was established by Richard Martin, its current managing director.
Martin will be resigning his position and leaving the business following completion of the acquisition, with the remaining Tascomi staff joining the enlarged group.
Idox is undertaking a placing via an accelerated bookbuild to raise net proceeds of about £7m to fund the transaction.
“The addition of Tascomi’s technology platform to Idox’s deep domain knowledge and account management model will be a powerful combination that will allow us to deliver the next generation of software solutions to customers in our core public sector markets and drive enhanced shareholder value and service to customer,” said Idox chief executive David Meaden.
“This acquisition offers a sound strategic fit as we look to enhance our overall cloud offering in conjunction with growing our SaaS revenue base. It will also build on the significant operational progress our group has made in the last year, reshaping our board and senior management team, and establishing sound business models to drive great value from the assets we have in our business.”
