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Access Intelligence buys compliance software group Cobent for £5.2 mln

Access Intelligence PLC (AIM: ACC) said it has acquired compliance software specialist Cobent Ltd for £5.2 million and announced a placing to part-fund the deal.

Access is the parent company of a group of compliance Software-as-a-Service (SaaS) businesses serving the financial services, procurement and media sectors.

Cobent was founded by Howard Sears in 2003 and is based in the UK, with a small presence in Texas. The business delivers training and compliance solutions into FDA, FSA and HSE regulated industries. It was bought for 33,333,333 million new Access shares, £3 million in cash and up to £200,000 deferred payments.

Access Intelligence also announced that it has raised £3 million through the issue of 60 million new shares for cash. The company is using the proceeds to fund the acquisition.

Cobent's unaudited turnover for the year ending 31 December 2009 was £1.5 million, generating an EBITDA of approximately £553,000.

Disclosure: The author holds no positions in the company