Mildenhall-based Anders + Kern to be acquired by RedstoneConnect
Smart technology company RedstoneConnect has acquired Suffolk-based meeting room management and audio visual integrator Anders + Kern in a deal valued at £1.4m.
Anders + Kern (A+K), which is based in Mildenhall, is a leading distributor of meeting room booking systems and audio visual solutions, which Redstone says will complement its owns OneSpace solution.
The 19 employees in Mildenhall will become part of the OneSpace sales and marketing operation, with the enlarged team being led by Steven Black, currently managing director of A+K.
Mark Braund, chief executive of RedstoneConnect, which is based in London, said: 'The acquisition of Anders + Kern is another important strategic development for RedstoneConnect.
'It broadens our smart building proposition, expands both our direct and indirect sales channels and it also provides the opportunity to leverage A+K's expertise to accelerate the development and deployment of OneSpace.
'We are delighted to welcome A+K's experienced sales, marketing and technology teams into our business which will add momentum to our 'go to' market strategy.'
In the year to March 31, 2017, A+K generated revenues of £3.37m, gross profit of £1.14m and adjusted earnings before interest, tax and depreciation of around £346,000.
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A+K's clients include major organisations such as the British Library, MacMillan, Tullow Oil and BBC Worldwide, which RedstoneConnect believes will provide a 'significant opportunity' to cross-sell its wider product offering.
The acquisition will be funded by RedstoneConnect using part of the proceeds from a share issue which is intended to raise up to £6.5m, with the rest being invested in the ongoing development of OneSpace.