Investment vehicle Xploite is forging ahead with a strategy to acquire smaller SaaS-based firms, having just signed off profitable management accounts for fiscal 2009.
The firm made £4.4m profits in the year to 31 October, buoyed by £6.26m from discontinued operations - it sold Anix last May to ACS for £31.5m - which more than offset a £1.8m loss by continuing operation Storage Fusion. Sales of £27.8m fell to £140,000 when Anix transactions were stripped out.
"The management team continues to review opportunities in line with our strategy to acquire, consolidate and develop innovative, high growth IT services business," said Xploite chief executive Ian Smith in a statement.
The West Sussex-based group bagged £6.3m profit following the summer sale of Anix leaving a £12.7m cash deposit after debts were paid, it then planned to roll up mid-market managed services resellers.
However this strategy was "more problematic than originally envisaged" said Xploite chairman John Standen, and in October it returned £9.5m to shareholders through a tender offer, turning its focus to more modestly sized acquisition targets.
The last remaining trading arm, Storage Fusion, has also changed its strategy to work with channel partners after management decided enterprise licence sales of its
Storage Resource analysis (SRA) software had hindered adoption.
Standen said today that this was showing some results and he expected interest in the software from large firms to continue.