Northamber acquires Basingstoke-based business

(Sharecast News) - IT solutions and audiovisual products distributor Northamber has acquired Tempura Technology and Tempura Communications following a share purchase agreement that was exchanged and completed on Monday. Northamber said on Tuesday that the total consideration for the acquisition was up to £6.02m in cash and the issue and allotment to the seller of 181,818 ordinary shares.

The AIM-listed group said Tempura was an established profitable, cash-generative distributor of unified communications with a track record of organic revenue growth, profitability and international operations.

Northamber believes the acquisition will diversify its service offering through expansion into complementary markets, provide cross selling opportunities, and enhance earnings per share in the first full year of ownership.

Executive chairman Alex Phillips said: "We are excited by the opportunities that lay ahead as we continue to invest in profitable growth and offer our unique brand of services across the broadening customer base of the business, including particularly in international markets.

"The board believes that there is significant opportunity for further suitable acquisitions in the sector, which should generate additional value for Northamber's shareholders in the medium-term."

As of 1400 BST, Northamber shares were up 14.29% at 40.0p.

Reporting by Iain Gilbert at Sharecast.com