Advanced Computer Software buys accounting software firm for 110 million pounds
(Reuters) - Advanced Computer Software Group Plc (ACS) said it bought accounting and back office software provider Computer Software Holdings for 110 million pounds in a deal that would add to earnings immediately.
ACS, which provides IT software and services to the healthcare industry, said the purchase from HgCapital LP was funded by cash on hand and new bank debt.
ACS said revenue for the year ended February 28 would be at least 119 million pounds, up 21 percent from the previous year.
Analysts on average expect revenue of 114.82 million pounds and a pretax profit of 23.46 million pounds for the year, according to Thomson Reuters I/B/E/S.
The company also named Guy Millward as chief financial officer. Barbara Firth, the current CFO, will become chief operating officer responsible for acquisitions and integration.
ACS shares were up 12 percent at 97.89 pence in early trading on the London Stock Exchange on Friday.
(Reporting By Abhirup Roy in Bangalore; Editing by Don Sebastian)
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