Insurance broker THB Group has expanded its operations in the health and safety market after buying software developer Cardinus, which offers online risk assessment and e-learning systems. The deal, which also supports THB’s core operatons, could be worth £5 million.

Insurance broker THB Group has expanded its operations in the health and safety market after buying software developer Cardinus, which offers online risk assessment and e-learning systems. The deal, which also supports THB’s core operatons, could be worth £5 million.

On completion, more than £2.8 million was paid comprising some £2 million in cash with the balance in ordinary shares.

The terms of the agreement include a further cash consideration, which is conditional on performance. This will be paid in two tranches, with the first payment due 12 months after completion and the rest the following year.

THB’s chief executive, Vic Thompson, describes the deal as an important acquisition for the group that adds a new blue-chip client list to the business as well as providing cross-selling opportunities.

Cardinus’ management, which includes managing director Chris Baldwin and head of sales Jon Abbott, remains with the business. The company’s unaudited pro-forma results for 2006 show pre-tax profits of £400,000.

THB, which was established in 1968, serves clients in the UK and overseas.