Adept Technology to buy Advanced Computer Systems

IT managed services company Adept Technology has agreed to acquire UK-based education sector services provider Advanced Computer Systems.

Adept said on Friday that it will make an initial consideration of £5.24m for the group, less net debt, and expects the acquisition to be earnings enhancing from completion.

The AIM-listed company said the addition of ACS would be "highly complementary" to its IT services product set with SAGE expertise that can be cross-sold into Adept clients.

The acquisition also further enhances the Adept education strategy, adding roughly 200 new schools and academy trust customers.

Chief executive Phil Race said: "Adept has an existing education focused IT service operation in Orpington - the acquisition of ACS Group builds on this capability and extends the geographical reach of Adept's IT services to Yorkshire.

"ACS Group has a well-developed customer base with long-term relationships, which builds upon Adept's existing strong education presence."

Adept also revealed that it had extended its existing £35m five-year revolving credit facility with Barclays and RBS to £40m, allowing it increased capacity to support its acquisition growth strategy.

At 1055 BST, Adept shares were up 2.75% at 328.80p.