Personal Group acquires Innecto in £3m cash deal
Employee services firm Personal Group has conditionally agreed to acquire British pay and reward consultancy Innecto for £3m cash.
Personal Group believes Innecto presents an "attractive acquisition opportunity" as a well-established, complimentary business in the employee benefits sector and believes the company will strengthen its position as "one of the leading comprehensive providers of employee services in the UK".
"Following completion of the Acquisition, the enlarged group will benefit from an expanded customer base, including blue-chip clients, allowing for cross-selling opportunities," said the AIM-listed firm.
Separately, Personal Group revealed that non-executive director Deborah Frost would take over as chief executive following the acquisition.
Chairman Mark Winlow said: "We are delighted to welcome Deborah as Personal Group's new chief executive."
"Her wealth of experience in the reward and performance sector, as well as her contribution to the Board since 2015, mean she is well-placed to lead the company through the next stage of its development."
As of 0825 GMT, Personal shares had dipped 0.34% to 362.75p.