Accumuli appoints new chairman
SALFORD-based IT security services firm Accumuli said this morning that trading for the six months to September 30 is in line with expectations, and that it was progressing with the integration of its various recent acquisitions under the Single “Accumuli security” brand.
The company said that it was continuing to generate cash, and would finish the period with cash of £500,000, which means that it has generated £900,000 in cash since purchasing Leeds-based subsidiary Boxing Orange in April.
Accumuli also announced the appointment of a new non-executive chairman, Nick KLingsbury. He replaces corporate financier Graham Norfolk, who remains on the company’s board.
Mr Kingsbury has experience of the IT sector having previously set up and subsequently sold the Software Support business. He is also a former head of venture capital firm 3i’s software and internet business.
He said: “I am delighted to be joining Accumuli at such an exciting point in its development as a Managed IT Security Services business.
“On behalf of the company and shareholders, I would like to thank Graham for his contribution as chairman over the last two years, and I look forward to working with him as he continues to contribute to the group in his role as a non-executive director.
“Accumuli is concentrated on one of the most business-critical areas of modern technology and I look forward to making a significant contribution to its future success. “
Last month, Accumuli revealed it had renegotiated the terms of its Boxing Orange deal after finding financial “anomalies” in its trading figures. A former financial controller in the business has subsequently been dismissed.
