Lorien buy takes P-E out of Cray
Lorien, the Alternative Investment Market-quoted IT recruitment consultancy, has acquired P-E International for #11m cash. Lorien has funded the purchase through a #14.6m rights issue, most of which was placed with institutions.
Lorien chairman Michael Heeley said that the deal was “a major step towards achieving Lorien’s strategy” of becoming an integrated human resources consultancy.
The deal brings to an end a troubled relationship between P-E and the Cray group, which bought the former for #16.25m in 1993. While Cray exerted minimal influence over P-E’s consulting business, much of P-E’s IT consulting and training division was taken in-house. Last September Cray closed Aims, P-E’s SSADM training and consultancy arm, and the IT Management Programme was later sold to its managers.
While P-E made a positive contribution to Cray’s figures, the group posted a pre-tax loss of #19.4m.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe shift to cloud-based accounting marks a significant transformation, enhancing efficiency, collaboration, and data security, and setting new standa...
View articleOn February 28, Xero became the latest accounting technology provider to launch a new AI assistant. ‘Just Ask Xero’ or JAX was announced a...
View articleThe collaboration between OCR and AI in automating the AP workflow marks a significant stride towards operational excellence. Read More...
View articleThomson Reuters has successfully acquired Pagero, a Swedish e-invoicing and tax solutions company, for approximately $800 million. The content and tec...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleWith so many accounting software options on the market today, from QuickBooks to FreshBooks to Xero, it can be overwhelming for small business owners ...
View articleThe Horizon scandal has shed light on the crucial role of ethical practices in the accounting technology industry, and underscored the need for transp...
View articleAccountants in industry must upgrade wisely to help their businesses evolve, according to Nick Longden of AccountsIQ Read More...
View article