Eleco PLC on Tuesday said its subsidiary, Elecosoft Ltd, has acquired the entire share capital of PMI Software Ltd for an initial sum of around €6.0 million.
Eleco is a London-based software provider focused on the construction and built environment sectors, and PMI Software is an Irish provider of SaaS computerised maintenance and management software.
Eleco acquired the company from principal seller Pemac Software Ltd and other private individual sellers, to be funded entirely by its existing cash resources.
The deal also has an additional earn-out consideration of up to €2.4 million, payable in two tranches in 2026 and 2027, if PMI Software reaches performance targets set out by Eleco.
PMI Software generated around €2.7 million in revenue for its financial year that ended November 30, as well as adjusted earnings before interest, tax, depreciation and amortisation of €600,000.
Chief Executive Officer Jonathan Hunter said: ‘I am delighted to welcome Pemac to the group, which will enhance Eleco’s asset and maintenance management capabilities. Eleco’s asset maintenance customers have shown substantial growth in recent years and together with Pemac, Eleco is now even better positioned to enhance productivity, safety and compliance for its customers through digital transformation of their processes.’
Hunter added: ‘Strengthening Eleco’s [computerised maintenance and management software] capabilities, competitiveness and presence in Ireland and the UK will help maximise opportunities in a fast-growing market, where a recent survey found 88% of manufacturing businesses are seeking to improve work practices. Together, we look forward to our future with confidence.’
Shares in Eleco were down 0.8% at 139.85 pence each in London on Tuesday afternoon.
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