Accumuli agrees second swoop
NORTH West IT network investment company Accumuli has completed a second deal in as many months, with a £2m swoop.
Salford Quays-based Accumuli – which is listed on AIM – announced in July that it wanted to create a group specialising in IT security and network management.
Last month it announced a £4m deal for Hamsphire company Tuscany Networks and it is returning to the South for its latest target – Berkshire-based Fujin Group.
Fujin is a specialist security systems integrator, with a particularly strong focus on European mobile and broadband service providers.
Founded in 2003, Fujin has built a strong reputation for the design, provision and support of technology solutions. It employs five people who are remaining with the business
In the year ended October 2010, Fujin made a profit of £430,000 on revenues of £3m. It has no borrowings.
Accumuli said in a statement: “The management of both businesses believe that there is scope to expand the technology sales of the Fujin Group and improve margins by “in-housing” more consultancy and support work, enabled by access to Accumuli’s wider resources.”
Graham Norfolk, Accumuli’s chairman said: “We are delighted to have completed the second acquisition in our stated strategy of building a Mananged IT Security Services business.
“Fujin Group is a strong, well established business with an enviable technical track record and a blue chip customer base. Andy Aplin and his team have a wealth of technical expertise which we intend to utilise across all of our business.
“We look forward in the near future to providing further updates upon our acquisition strategy.”
Accumuli is advised by Zeus Capital.
