Buy and build outfit Corero fails to make a single acquisition

Last summer we brought you news that Datatec's boss, Jens Montanana, had bought in to AIM-listed BPM software outfit Corero and was planning to embark on a roll-up of firms in the network security space, and parachuted in Logicalis' director Andrew Miller to take charge. At the time, Montanana said:

Last summer we brought you news that Datatec's boss, Jens Montanana, had bought in to AIM-listed BPM software outfit Corero and was planning to embark on a roll-up of firms in the network security space, and parachuted in Logicalis' director Andrew Miller to take charge.

At the time, Montanana said: "The network security market has witnessed sustained growth - this is set to continue as demand for evolved security products increases. Corero is ideally positioned to develop a network-based Internet security product business alongside the existing Business Systems division

Three months later, Corero said it had identified some tasty-looking companies and was in discussion with a number of potential acquisition targets

Six months down the line, and Corero has just released a pretty damn decent set of full-year financials.

Group trading profit for the year to 31 December is expected to be over £200,000, with cash balances of £7.2m. Its Business Systems division is busily winning contracts in the education sector, scooping 70 new deals in 2010, up from 25 in 2009.

All very praiseworthy, I'm sure, but they left out a crucial detail. They've not bought anything.

A buy and build strategy surely demands one thing; that you do actually make acquisitions.

MicroScope is hoping to speak with Corero director Andrew Miller in the near future, and hopefully we'll find out more about the master plan.

This was last published in January 2011

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