Software group m-hance in £6.8m swoop

STOCKPORT-based software group m-hance has splashed out more than £6.5m on three businesses owned by Maxima Holdings an AIM-listed company.

m-hance, which was created last year by IT entrepreneur Mark Thompson, has will pay up to £6.8m for the Document Management Services (“DMS”), Intellect and Microsoft sub-divisions of Maxima.

Jointly, the assets employ nearly 70 people and in the year ended May 31 last year they reported combined revenue of £7.2m and adjusted EBITA of £1.9m. The businesses have offices in Gatley, Cheltenham and the Midlands.

m-hance Group, which is part-owned by private equity grandee Jon Moulton’s Better Capital business, was created by the acquisition of seven businesses last year  including Calyx Software, Gyrosoft, Trinity Computer Services, and divisions of MentecPlus, Touchstone Group, Sys-Care, and Avant-Garde.

Commenting on the latest deals Mark Thompson said: “We are delighted to announce the next step in our growth story – our fourth acquisition in less than nine months.

“This acquisition establishes m-hance as a leading UK innovator of business software solutions to mid-sized services and infrastructure sector organisations. This positions our company to offer both existing and new customers the benefits from a wider product portfolio of market-leading technology and superior services and support.
 
“The merged businesses’ combined product portfolios are a perfect complement, providing us with excellent cross-selling and up-selling opportunities for our extensive customer base.”