The deal, for £11.6 million, follows on from its compliance buy of UK-based Interactive Dialogues and Interactive Dialogues NV in a transaction worth £1.9 million.
Headquartered in London, CTSpace supplies document management and collaboration workflow services and is said by software and services business IDOX to complement its McLaren Software business, a company acquired in December 2010.
Richard Kellet-Clarke, chief executive officer of IDOX, comments: ‘With CTSpace, and the prior acquisition of McLaren Software, we are well on our way to building a global engineering document management and control operation.
‘We are confident that this business will match the scale and performance of our UK local authority business, which continues to grow.’
Kellet-Clarke says the deal brings developed and operational software-as-a-service (SaaS) offerings in India and Belarus.
CTSpace had reported revenues of £12.7 million and pre-tax profits of £1.3 million for the year to date 31 December 2010.
Funding for the deal will come from a new term and revolving credit facility through its existing provider Lloyds Banking Group.
Simon Sweeney, strategic debt solutions director for Lloyds Banking Group’s Corporate Markets, adds: ‘IDOX has a robust business model and an impressive track record of successfully integrating acquired businesses, and this is a logical step in its expansion plans.’
IDOX’s 2011 M&A activity deals follows on from a busy 2010 for the company when it completed four acquisitions worth £11.2 million.
