Avisen will serve as Acorn's distributor in the two countries, which includes direct relationships with clients and a teaming arrangement with other leading consulting and advisory firms to bring Acorn's solution to their diverse client base.

Avisen earlier this week announced that Tesco PLC (LSE: TSCO) selected Acorn System's Performance Analyzer to enhance its financial reporting capability in Tesco Direct.

Avisen is the result of the reverse takeover of Avisen Group Ltd by AIM quoted cash shell Z GROUP PLC in February 2009. At the end of July it reported a £505,000 pretax profit in the 11 months to end-January 2009 compared with a £4.9 million loss in the year to February 28 2008.

Since January, Avisen completed four acquisitions, of Wexner Global Ltd, Eon Enterprises Ltd, Quadrum Consulting (Propriety) Ltd and Inca Holdings Ltd. 

At the end of September, Avisen announced the plan to appoint administrators for Inca Technology, as the financial performance of the business had been and continued to be poor. Administrators have been appointed as of October 8, and they are currently negotiating the sale of certain assets of Inca Technology.  However, it added that Inca Software's business remained core to Avisen having enabled it to become a leading reseller of IBM Cognos software in the UK. No other part of Avisen’s business was affected.

In addition to needing continuing financial support from Avisen, Inca Technology also required significant management time which could be better utilised in focusing on Avisen's core activities, the company said in the September statement.

As already announced, Avisen is paying 3.5 million for the planning, reporting and forecasting software maker Inca via the issue of 22.95 million new shares priced at 15.25p.

This acquisition positions Avisen as a leading IBM Cognos reseller and consultancy in the UK, further strengthening its position in the performance management market, it said.

Avisen is the result of the reverse takeover of Avisen Group Ltd by AIM quoted cash shell Z GROUP PLC in February 2009. Since January, it completed the acquisitions of Wexner Global Ltd, Eon Enterprises Ltd, Quadrum Consulting (Propriety) Ltd, and now Inca.

In the group’s full-year results statement from two weeks ago, chief executive Marcus Hanke said: “Avisen's management team has grown the business rapidly in a relatively short period of time, both organically and through the pursuit of a targeted 'buy-and-build' strategy. We are confident that we can continue to deliver growth and are excited by the prospect of becoming a leading player in the business intelligence and performance management market.”

Avisen reported a £505,000 pretax profit for the 11 months to end-January 2009 compared with a £4.9 million loss in the year to February 28 2008.

Since January, Avisen completed the acquisitions of Wexner Global Ltd, Eon Enterprises Ltd and Quadrum Consulting (Propriety) Ltd. Completion of a fourth acquisition, Inca Holdings Ltd, is imminent, the group said. 

Chief executive Marcus Hanke commented: “Avisen's management team has grown the business rapidly in a relatively short period of time, both organically and through the pursuit of a targeted 'buy-and-build' strategy. We are confident that we can continue to deliver growth and are excited by the prospect of becoming a leading player in the business intelligence and performance management market.”

Avisen is paying £130,000 in cash and issuing approximately 2.9 million shares at a price of 15.75 pence. 

Eon Enterprises generated revenues of £1.2 million and profit before tax of £0.1 million in the twelve months ended 31 March 2008.  Eon has net assets of £0.27 million.  Ian Stone, Managing Director of Infocube and the sole shareholder in Eon Enterprises, will join the board of Avisen.

“Following the acquisition, Avisen will be positioned as a leading IBM Cognos reseller and consultancy in the UK and will have access to Infocube's blue-chip client base. This deal further augments Avisen's ability to provide high-end consulting and advisory services,” the company stated.