LONDON: Marlowe plc, the UK leader in business critical services and software, has acquired Hadrian Technology Limited (HTL) for an expected enterprise value of £3.8 million, a news release said.
HTL, founded in 1999, is a leading provider of CCTV and loss prevention technology solutions across the UK and Ireland.
Hadrian implements CCTV solutions, operating software, digital cloud-based storage and ongoing maintenance primarily to clients in the supermarket sector across the UK.
For the year to 31 July 2019, HTL generated revenues of £4.0 million and had net assets of £3.3 million with profit margins expected to be in line with the Group’s fire safety & security activities.
The total enterprise value will comprise an upfront cash consideration of £2.0 million and a contingent consideration which is expected to be approximately £1.8 million over four years dependent on the achievement of profit targets.
The acquisition will be funded from Marlowe’s existing cash resources.
Marlowe is a UK leader in business-critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services. It is focused on health & safety, compliance software, employment law & HR compliance, fire safety, security, water treatment & air hygiene and occupational health services.