UK healthcare and business management software firm Advanced Computer Software Group plc (LON:ASW) said today it had agreed to buy domestic education software provider Serco Learning, part of Serco Group Plc, for £7.25m ($11.6m/€9m).
Under the terms of the deal, the buyer will pay £6.25m to Serco Group and the remaining £1m of the purchase price to iGate Corp (NASDAQ:IGTE) for the novation of a material services contract.
Serco Learning provides business solutions for the education sector, including training and support to local authorities, academies, independent schools and higher and further education providers. Last year, it booked revenues of some £13.5m and an adjusted EBITDA of £1.2m. It will be folded into the group’s Advanced Business Solutions division.
The deal is seen to be completed by the end of this year.