Investment company Tern PLC (LON:TERN) says it two latest acquisitions are progressing well as it implements “significant changes” to improve their respective performances.
The AIM-listed firm told investors that trading is back underway in both businesses, while more than £90,000 has been collected from debtors.
Tern – which specialises in the cloud and mobile sectors – bought the research and multi cloud management divisions of Flexiant Limited in June for £75,000 in cash.
Speaking at the time of the deal, Tern chief executive Angus Forrest commented: “We are pleased to have acquired these assets as we perceive the greatest value can be obtained by splitting Flexiant into three business units.”
Forrest added that “major corporate buyers” were interested in acquiring Flexiant before Tern jumped ahead and sealed the deal.
Shares were up 0.05p, or 0.6%, to 8.3p.