Proactis acquires eProcurement solutions company
AIM-listed Proactis Holdings has purchased eProcurement solutions company Due North from Access Intelligence.
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The specialist spend control software provider announced it acquired the entire issued share capital for £4.5m.
The acquisition is expected to enhance the company’s position as a leading provider of eProcurement systems to the UK market.
Annual recurring revenue from Due North is estimated at around £1.6m through its three to four year contracted subscription business model.
Proactis chief executive Rod Jones said the company is an excellent strategic fit.
“Due North's market penetration is substantial and should immediately benefit the wider Proactis business.”