AdvancedAdvT Ltd (LSE:ADVT), the investment vehicle tech entrepreneur Vin Murria used to launch an unsuccessful bid for M&C Saatchi, has struck a £33mln deal with Capita.
It is buying five software businesses deemed non-core by the outsourcing giant.
Together, the operations generated £35mln in revenues and £3mln in pre-tax profits. Their gross assets add up to £81mln.
"As has been our model in previous vehicles, ADVT will support the teams in delivering strong new organic growth - both in existing sectors as well as new areas including data, analytics, managed service and digital transformation opportunities,” said Murria.
“Equally, we are excited to drive new opportunities and with a substantial war chest, the business is well placed to execute M&A that is both synergistic and accretive over the longer term.”
ADVT’s shares have been suspended pending the publication of a prospectus providing more detail about the transactions.