CLARITY Commerce Solutions, the UK software company in Netherhampton that provides software solutions to the UK leisure and hospitality market, has entered into an agreement to acquire the entire share capital of Romulus Enterprises.
The initial consideration of £240,000 has been satisfied in cash.
Deferred consideration will be payable on the achievement by Romulus of certain performance targets, based on annual profits after taxation for the three years ending March 31 2006, subject to a maximum total consideration of £5 million.
Romulus, based in Edinburgh, was founded in 1999 and provides business intelligence analytic software to customers including the Laurel Pub Company, JD Wetherspoon Plc, Hardys and Hanson Plc and Robert Wiseman Dairies Plc.
For the year ended March 31 2002, Romulus reported turnover of £483,366, profit after taxation of £6,481 and net assets of £11,073.
The two executive directors and principal shareholders of Romulus have agreed to continue under new service contracts.
Bob Morton, chairman of Clarity, said: "This represents the Clarity strategy of acquiring solutions that both complement the current product range and open up new markets."
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