Redstone acquires Fujin Systems

IT company Redstone has acquired the ethernet technology business Fujin Systems for £2.9 million.

An initial payment of £400,000 will be followed by a deferred performance related sum of up to £2.5 million in 12 months’ time.

The deal follows the sale of Redstone’s Irish subsidiary Redstone Technology the previous week for £2.25 million.

Tony Weaver, CEO of Redstone, comments that the new technology partnerships brought by Fujin will complement Redstone’s existing offering and generate cross selling opportunities.

Founded in 2009, Berkshire-based Fujin installs and maintains ethernet IT networks and data security systems for companies in sectors including research and online gaming. In the nine months to September 2010 Fujin declared a pre-tax loss of £57,000 on a turnover of £1.4 million.

Oxfordshire-based Redstone provides managed IT services to public and private sector businesses. The AIM-listed company has 400 employees across the UK and comprises the businesses Redstone Converged Solutions and Redstone Managed Solutions.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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