Accesso Technology acquires Paradocs

Technology solutions provider Accesso Technology has acquired Canadian software firm Paradocs in a deal valued at $10.0m.

Accesso said on Monday that it will drop $9.0m in cash for Paradox's, with a further $1.0m to be paid out in the form of 117,636 shares in the company, paid in four equal tranches, beginning in October. The cash consideration was funded through the group's existing strong cash reserves.

The AIM-listed group stated the acquisition of Paradocs, which was established in 2001, will expand its global customer base, add "new cutting-edge technology" and extends its "leading ski market position". It was also expected to be earnings accretive in the current trading year.

Chief executive Steve Brown said: "Accesso is passionate about serving the ski industry, and incorporating Paradocs' specific expertise and experience into our offering is a powerful step forward in addressing the unique and evolving technology demands of the burgeoning ski market. Adding this contemporary and powerful solution to our offering supports Accesso's long-standing commitment to serving as the industry's premier ski solutions provider."

As of 0845 BST, Accesso shares were up 1.17% at 692.0p.

Reporting by Iain Gilbert at Sharecast.com