Anite in m US deal
Anite has snapped up a m-turnover US wireless network data analytics software company in a deal worth up to m (£21.7m).
The Slough-based listed IT services provider will pay a consideration of m (£18.6m) on a cash free/debt free basis, while an additional sum of up to m will be paid depending on performance targets in the year ending 30 April 2015 and 2016.
Xceed will be integrated within Anite's network testing business, where its products complement Anite's existing product portfolio.
Anite chief executive Christopher Humphrey said: "This acquisition transforms our network testing product portfolio in the increasingly important and growing data analytics market, which enables operators to identify and manage network performance issues.
"Anite's established market and technology leadership, and its substantial global sales and support footprint, combined with Xceed's acknowledged expertise and market leading software solutions, create a dedicated supplier with a more complete product offering."
Xceed reported revenue of .8m (£7.3m) and EBITDA of .6m (£1m) in its financial year ended 31 December 2013.
Bary Azmi, Xceed's chief executive, added: "Anite's network testing business is a natural fit for Xceed and we are delighted to have completed the transaction.
"Anite's established global reach and technology leadership, combined with Xceed's advanced software, will enable us to build on our success in North America and start to globalise our business."