Oakley Capital acquires Spanish software outfit
AIM-listed investment outfit Oakley Capital has agreed to acquire Spanish software provider Unit4, also known as Ekon.
Oakley revealed on Monday that it would make an indirect contribution of roughly £20m to the firm from its Private Equity III fund, dependent on the capital structure at completion.
The investment group said the acquisition of Ekon, which generates revenues of around €20m per year from sales of its integrated software suite, was also subject to a demerger process to separate non-Ekon activities from Unit4.
Managing partner Peter Dubens said: "With highly visible revenues, a loyal customer base and a clear structural growth opportunity, Ekon demonstrates many of the key characteristics that Oakley targets in an investment.
"We believe the business has a best-in-class solution and is well positioned to capitalise on the growing demand for cloud ERP."
As of 0850 GMT, Oakley shares were trading 1.01% firmer at 199p.