The deal equates to £2.7m in cash, while £0.3m is raised through the issue of over one million new shares.
David Pickering, chief executive of Charteris, said: ‘I’m delighted that this acquisition will expand Charteris’ offering, widening our reach in the Scottish market and augmenting our offerings to high-growth segments of the market such as infrastructure and risk management.’
Cedalion has two operating divisions. It specialises in the provision of bespoke applications to the finance industry, and has recently helped clients deal with EU and US legislation including Basel II requirements, as well as planning and deploying Microsoft infrastructure and platform technologies. Its clients include HBOS, Aberdeen Asset Management and NHS.
Integration between the two businesses is not expected to have any ‘material financial implications’ and Charteris believes there are ‘good prospects’ that the acquisition will contribute to its profit in the current financial year.
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