AIM-listed business Accumuli has bought Boxing Orange for £7.5 million as part of a growth strategy to create a specialist information technology (IT) security group.

AIM-listed business Accumuli has bought Boxing Orange for £7.5 million as part of a growth strategy to create a specialist information technology (IT) security group.

West Yorkshire-based Boxing Orange, which provides IT security services similar to Accumuli, has 24 employees, all of which will remain at the company following the acquisition.

An initial consideration of £5.48 million will be paid on completion of the deal, which will be made up of a combination of shares and cash. An additional £2.1 million is payable in cash subject to Boxing Orange meeting future operating targets.

Graham Norfolk, chairman of Accumuli, comments, ‘Boxing Orange provides the company with an established, profitable, managed service capability with significant opportunities to cross sell complementary services across the company’s customer base.’

The acquisition is the third since November for Accumuli after the purchases of IT businesses Tuscany Networks for £4 million and Fujin Group for £2 million.

Accumuli was re-admitted to AIM in November following the reverse acquisition of Tuscany Networks.

The deal also includes the acquisition of Webscreen Systems and Boxing Orange MSS, both of which were wholly owned subsidiaries of Boxing Orange.