LONDON (ShareCast) - Software supplier Access Intelligence announced that it has agreed to buy Cision UK and Vocus UK for an aggregate cash consideration of £1.34m.
Access said the acquisition would provide the group with a developed media contacts database which will strengthen its subsidiary AlMediaComms.

Chairman Michael Jackson said: "The acquisition of the UK operations of Cision and Vocus clearly demonstrates our continued commitment to the investment in our platform and our future development plans will significantly drive the PR and media intelligence industry forward in the UK."

Access said it has conditionally raised £3m before expenses through the issue of 40m new shares of 0.5p at a subscription price of 3p per share to raise £2.1m, and the issue of £1.82m nominal 2015 loan notes. This will be used to fund the acquisition.

The company also said on Tuesday that its chief financial officer, Kole Dhoot, has resigned with immediate effect after an extended period of absence.

A process to find his replacement is under way and a further announcement will be made in due course.

At 13:58, shares were up 16.7% at 3.50p.

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