LONDON (ShareCast) - (ShareCast News) - Software supplier Idox has completed the acquisition of digital consultancy business Reading Room for £5.6m.
In a statement released on Thursday, the London-listed company said the deal, which will be funded by existing debt facilities, is expected to support and accelerate the development of the group's new online platforms.

Through the acquisition, Idox will be acquiring the company's trading entities in London and Manchester, although it will not be acquiring Reading Room's Asia Pacific subsidiaries.

In the year to 31 March, Reading Room reported revenue of approximately £9.8m, with EBITDA of approximately £0.3m and a loss before tax of £0.1m.

"The acquisition of Reading Room is a major step in our strategy to build a sophisticated digital platform from which we can leverage our sector and domain knowledge to provide value adding solutions across the UK and Europe," said group chief executive Richard Kellett-Clarke.

Idox shares were down 0.20% to 40.42p at 0951 BST on Thursday.

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