Sanderson buys software firm for up to £1.9m and hints at further acquisitions
SOFTWARE and IT services group Sanderson, which has a Sheffield operation, has acquired Proteus Software for up to £1.9m.
Sanderson – which specialises in multi-channel retail and manufacturing markets in the UK and Ireland – will pay an initial payment of £1,400,000 on completion and a deferred consideration of up to £500,000 in 2016 depending upon certain performance criteria being met in the 12 month period to 5 December 2015.
Proteus, based in Solihull, is a provider of specialist warehouse management software to businesses operating in the areas of third party logistics, warehouse management and supply chain distribution.
For the year ended 30 September 2014, Proteus reported revenue of £1.98m and a loss before taxation of £3,000. Net assets at were £590,000 and at the date of acquisition, Proteus had net assets of approximately £600,000, of which just over £400,000 was cash.
Sanderson chairman Christopher Winn said: “Proteus is a complementary acquisition for Sanderson and the Proteus products and customers will complement the group’s own products, services and customers within its multi-channel retail and manufacturing businesses.
“The group continues to consider acquisition opportunities as they arise, but the board intends to maintain its cautious approach and to focus upon delivering organic growth, generating cash and maintaining a strong balance sheet.”
Bradford law firm Schofield Sweeney advised Sanderson Group. Advice was provided by Adrian Ballam, with support from Lucy Holroyd, John Feaster and Gill Farry.
