Software-as-a-service (SaaS) business ResponseSource is set to be acquired in a multimillion-pound deal by an AIM-listed technology group.

Access Intelligence has agreed to buy the London-based firm for a total sum of £5.5 million, including £5 million in cash and the remainder paid in company shares.

Founded by former journalist Daryl Willcox in 1997, ResponseSource is known for providing online intelligence to PR, marketing and journalism professionals around the world.

In the 12 months to 31 December 2017, the company generated a pre-tax profit of £300,000 on revenues of £3.1 million.

Access Intelligence specialises in corporate communications and reputation management software. The group's flagship product is communications management platform Vuelio.

The group has a substantial customer base of more than 1,500 clients across the public and private sectors, including blue-chip enterprises, PR and digital agencies, public sector organisations, not-for-profits and SMEs.

"Vuelio and ResponseSource both provide essential communications intelligence to PR, marketing and journalism professionals, but their platform services are so complementary that there is enormous scope for both immediate and longer-term upsell across their respective portfolios," said Access Intelligence CEO Joanna Arnold.

“With this acquisition we're cementing our market-leading position in communications and reputation management software as we create a platform for further growth through industry disruption."   

Access Intelligence is proposing to raise £6.8 million in a share placing to fund the acquisition, which is subject to shareholder approval at an extraordinary general meeting (EGM) to be held on 1 November 2018.