Numerica buys marketing services group
Numerica has today revealed its dream of becoming 'the accountants' accountant' after snapping up Bristol-based Practice Track for £1m - its second acquisition since floating on AIM last year.
The deal follows a £4.2m move last week for Leicester-based accountant and IFA Pole Arnold.
Practice Track owns 50% of PracticeWeb Ltd – together the ‘Practice Track Group’. These businesses provide a range of marketing services, from newsletters and software tools, to websites.
This marks Numerica’s first purchase of a business that is not an accounting practice.
The deal will be made up of £300,000 through the issue of new ordinary shares in Numerica at 118.5p per share, with the balance in cash. The turnover of the Practice Track Group in the year to 30 September 2001 was £1.5m.
Tony Sarin, chief executive of Numerica said: ‘Our strategy is to develop beyond the concept of an accountancy business and use our expertise and position to provide business services to a variety of markets.’
He added: ‘The Practice Track Group is at an extremely exciting stage in its evolution and it will enhance our offering to one of our three target markets, namely “other professional firms”. By developing our services alongside our other specialist services we hope to become the accountants’ accountant.’