Cobent acquired by Access Intelligence

02 Mar 2010

by: Margaret Snell

Cobent has been bought by York-based software and computer services supplier Access Intelligence in a deal worth £5.2m. £3m of this was in cash and the rest was in the form of shares in Access Intelligence. A deferred amount of up to £200,000 is dependent upon agreed performance conditions.

Michael Jackson, executive chairman of Access Intelligence said the acquisition is in line with the company’s plans to focus on providing compliance solutions via software as a service. Cobent delivers training and compliance solutions into FDA, FSA and HSE regulated industries, and with 50% of its customers already buying the software as a service, Cobent is seen to complement Access Intelligence's existing exposure to both compliance and SaaS solutions.

Cobent’s founder and CEO, Howard Sears, and COO, Tony Dillon are both joining the Access Intelligence Group Board. Jackson said: "Cobent has good synergies with our existing businesses and we look forward to leveraging the expertise of the team in other Group companies. The Cobent Learning Compliance Suite offers strong bedrock on which to build a dynamic and competitive compliance proposition, providing us with growing revenues and increasing visibility in a defensive market."

Sears added: “We are naturally delighted with this announcement. The extensive synergies between Cobent and Access Intelligence will enable us to grow rapidly together and position ourselves at the forefront of compliance software solutions globally.”

 

 

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