Tikit Group has made two acquisitions in North America for $2 million (£1.24 million).

Legal and accountancy software concern Tikit Group has made two strategic acquisitions in North America for an intial $2 million (£1.24 million).

The AIM-quoted company has paid $1.35 million to the US software arm of Britain’s Sage Group for the intellectual property rights and customer contracts of Carpe Diem, Sage’s leading time and expense management software, and is buying PensEra of Canada, whose TimeKM software helps lawyers in the worthy exercise of recovering more billable time ‘wherever and whenever they work’, for an initial C$730,000 plus a sales-related deferred amount over three years.

David Lumsden, chief executive of London-based Tikit, declares these deals will provide the company with ‘further software IPR and support revenues’, which will ‘improve margins and quality of earnings.’

Shares in Tikit, which increased first half profits 55 per cent to £1.4 million pre-tax, now trade at 196p, which value the company at £29 million.