Veteran Elecosoft acquires software provider ICON
Leicestershire-based software provider Integrated Computing & Office Networking has been bought by veteran listed business Elecosoft.
ICON, founded in 1995, has clients including John Lewis, Asda and Boots and works mainly in the domestic retail sector.
Shropshire-based Elecosoft, founded in 1895, now provides software and digital marketing solutions to the architectural, engineering and construction industries.
The deal for the business with a turnover of £900,000 is for £2.4 million.
John Ketteley, executive chairman of Elecosoft, said: "I am pleased to announce the acquisition of ICON, which represents a significant milestone in the development of Elecosoft.
"ICON is an accomplished and well established UK software business with excellent technology and strong domain knowledge.
“It has a 20-year record of delivering tailored, internet-based solutions and has assembled an enviable client list in that period."
Elecosoft will finance the deal with a fixed term loan of £1.8m.
Leading UK managed IT service provider GCI has secured a £50m acquisition growth fund to support its strategic objectives.