Elecosoft acquires Integrated Computing & Office Networking Ltd

Elecosoft has acquired Integrated Computing & Office Networking Ltd (ICON) for a total of £2.4m.

Directors expected the deal would be earnings-neutral in the period ended 31 December 2016, and earnings enhancing thereafter.

It would be financed by a fixed-term loan of £1.8m, amortised over four years at an interest rate of 2.75% above Barclays' base rate, and by the issue of 2.22m shares at 27p each.

ICON is a software-as-a-service provider of building information and related data management and storage systems, principally to the UK retail sector.