Access Intelligence, the compliance Software as a Service (SaaS) buy and build led by former Sage Group chairman Michael Jackson, announced the sale of Solcara to Thomson Reuters for a cash consideration of £2.5 million. It was acquired in November 2008 for £750,000. Two products acquired with Solcara were transferred to other Access Intelligence subsidiaries (leaving Solcara a 'legal market specialist') and do not form part of the current sale. For the year to November 2010, Solcara achieved sales of £750,000 and operating profit of £19,000.
Access Intelligence also reported that the interim results to May 2011 are anticipated to show EBITDA of at least £430,000 (2010: £704,000), before an exceptional charge of £202,000 relating to reorganisation costs at Cobent, which has still to return to profit. Significant progress has been made in reshaping Cobent, including the appointment of a new CEO in May 2011.
Period end net cash was £2.7 million.
The ACC share price has decreased by 15% over the last year.
Access Intelligence Plc is currently graded b by LCF Research. To learn more, follow the link.
