Recently-created business software reseller m-hance has made good on its promise to keep predecssor Calyx Software's acquisition strategy alive with the £6.8m purchase of Maxima's Microsoft, Intellect and Document Managed Services units.
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The Better Capital-backed firm is on the hunt for both Microsoft GP resellers and ISVs with vertical-centric IP of their own to build front-end, vertically-targeted solutions for industries such as education, non-profit, financial services and manufacturing.
The firm had its inception late last year with the merger of seven disparate brands, including Calyx Software, with the aim of targeting the often-neglected midmarket Microsoft Dynamics space.
The Maxima divisions made combined sales of just over £7m in the 12 months to the end of May 2011, and have EBITDA of slightly under £2m. The purchase cost includes £6.5m in cash on completion and £300,000 deferred until mid-2014.
Betetr Capital portfolio head and Calyx chairman Nick Sanders commented: "Following the recent sale of the Agresso reseller business and three previous bolt-on acquisitions m-hance has now been repositioned as a strong and rapidly growing mid-market software provider."