Accumuli identifies aquisition targets in security channel

Management at investment vehicle Accumuli has identified several acquisition prospects in the security market to build a managed services based reseller. Accumuli executive director Ian Smith last week stepped down as executive chairman at another 'buy and build' player Avisen due to a clash over d

Management at investment vehicle Accumuli has identified several acquisition prospects in the security market to build a managed services based reseller.

Accumuli executive director Ian Smith last week stepped down as executive chairman at another 'buy and build' player Avisen due to a clash over direction and told MicroScope of plans to do a roll up in the fragmented security space.

In a statement issued this morning, Accumuli updated the City on its strategic progress, saying its "directors are currently reviewing several opportunities".

Smith invested in the Manchester-based firm, originally branded Net Services, late last year, and earlier this year the company disposed of its trading business, assets and wholly owned subsidiary WAN Services to GCI Telecom for £3.4m to fund future deals.

"Directors have identified the specialised Managed Security Services market as having the right mix of market opportunities, participants, growth potential and fundamentals in which to look for investment opportunities," Accumuli said today.

"There is a proliferation of software and hardware solutions available being implemented by numerous large and small SIs and consultancy houses. There are therefore a significant number of potential acquisition targets," it added.

In December, Smith agreed to invest up to £2m at 8.7 pence per share but in light of the sale to GCI Telecom, a deed of variation was signed which increased the subscription price to 12 pence per unit, reducing the overall stake holding.
 
Venture capitalist Gartmore has previously taken a 12% stake in Accumuli.

In other developments, Avisen this morning posted revenues of £7.3m for the year to 31 January, up from £2.4m for the ten months to the end of January 2009. Pre-tax losses rose to £3.1m, due in part to the cost of integrating five acquisitions.

These included the trade and certain assets of Wexner Global, EON Enterprises, the purchase of Quadrum Consulting, Inca Holding and i-Centric Consulting.

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