Mergers and Acquistions News
Categories: IT Services & Consulting
October 13th 2008, 14:26PM
Support services firm Spice, which is based in Leeds, has announced the acquisition of Morrel Consulting.
The FTSE 250 firm has paid an initial net sum of £150,000 in cash, although as much as £5.07 million could be remunerated as an additional consideration depending on a two-year performance period that ends in October 2009, the Yorkshire Evening Post reports.
Morrel is a specialist consultancy firm focusing on the water industry.
It analyses data relating to water consumption in order to detect any leaks in the pipe system and also uses its own software to identify any properties that have not been adequately billed.
Simon Rigby, Spice's chief executive, claimed that the purchase "significantly enhances our distribution division's water service offering and moves us further up the value chain".
The acquisition follows the completion of Spice's takeover of another engineering consultancy firm, British Power International, which was announced on July 23rd.
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