Daily Internet buys Liverpool software firm

DAILY Internet, a web hosting company chaired by serial stock market entrepreneur Michael Edelson, has bought Liverpool software firm Q4Ex.

It has acquired the company in an all-share deal initially worth £520,000, but further deferred payments could take the total value to £2m.

Q4Ex was only established a year ago and provides cloud-based software services to builders merchants and distribution businesses.

It is owned by Arthur Duffy and Christopher Evans who is a non-executive director at Nottingham-based Daily Internet, and has just been appointed as chief executive.

Daily Internet plans to merge it with Netplan, the internet infrastructure firm it bought last year. Arthur Duffy, managing director of Q4Ex, and Paul Jones, services and support director, will join the Netplan board in the same roles.

Kirsti Pinnell, corporate partner at Manchester law firm Kuits led the transaction for long-standing client Daily Internet. She was supported by assistant solicitor James Skivington.

In the six months to September Daily Internet said revenues jumped by 123% to £1.79m and pre-tax losses narrowed from £400,000 to £100,000.