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Ubisense gains Realworld
Location tracking specialist Ubisense (UBI) has acquired fellow Cambridge concern Realworld Systems for £2.4 million.
The deal will consist of a cash payment of £1.25 million and a perfomance based payment of a maximum of £1.15 million over the next two years. Realworld, which has a headcount of 20 notes that its customers include Cable & Wireless and Global Crossing. Ubisense enthuses that Realworld's employees have 'considerable expertise in location solutions' having developed a 'suite of location aware telecoms specific products'. Realworld generated a loss of £100,000 on sales of £2.8 million for the year to March 2011.
Ubisense's chief executive officer Richard Green enthused the acquisition will 'expand and significantly improve our UK presence' in bringing 'additional skills' to its UK operation. He noted that being based in the same building as Ubisense in the same road in Cambridge the company is 'very well known' to them and that it is looking forwarding to utilising their skills to 'expand our existing team and support our customers'.
Analysts at house broker Canaccord are forecasting a loss of £400,000 on sales of £21.9 million for the year to December 2011. In 2012 pre-tax profits of £1.3 million (EPS: 4.6p) on revenues of £26 million are penciled in.
Ubisense was recommended by Growth Company Investor this June prior to its admission to AIM. Since its flotation price of 180p the shares have since climbed to 195p. Operating in a cutting-edge sector of the technology business the latest acquisition bodes well for its future plans in what is a niche area. With some big-name customers while it is early days for the group as a listed entity its prospects look strong. Buy.
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