Xploite acquires Itheon in £7 million deal
Saturday, October 13, 2007
Xploite plc, the operator and aggregator of strategic and high growth IT services businesses, has acquired Itheon Ltd, a UK software provider of business services assurance solutions, for a maximum consideration of £7 million in cash. The initial consideration payable is £3.5 million. Dependant upon the performance of the business over the next 12 months, up to a further £3.5m will be paid in cash by 31 January 2009.
Itheon, established in 1987, is a UK software vendor focused on architecting and implementing IT business service and application management solutions that monitor, meter and automatically recover critical IT business services for customers. Itheon customers include HSBC, Shell, UBS, HP, Hitachi Data Services, Sun, IBM and Reuters.
Itheon also has a significant business in data storage, metering, billing and chargeback. There is an industry drive for improving data centre efficiency and Itheon has a number of software solutions to facilitate this, including Storage Allocation Tracking and Storage Utility Billing.
Ian Smith, Chief Executive Officer commented:
'This acquisition is in line with our stated strategy to expand the scale and depth of the Group in the managed services and storage sectors of the IT services market. Itheon will further enhance our managed services offering with its recurring revenue and add real IPR to our business.
'Itheons' software adds considerable value in particular to our storage customer base with the ability to provide utility billing which we believe makes a compelling offering.'
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