LONDON (ShareCast) - (Sharecast News) - Software firm Oxford Metrics said on Wednesday that it had acquired video-based movement analysis outfit Contemplas for an initial and deferred consideration of £1.14m.
Oxford Metrics stated the acquisition, funded entirely from existing cash resources, was a "complementary" one and "a strong strategic fit", consistent with its strategic focus.

The AIM-listed firm said the acquisition increased "the quality and recurring nature" of revenues in its Vicon unit and added approximately £200,000 in annual recurring revenues to the overall group.

Oxford Metrics expects the acquisition to be earnings accretive in the 2022 trading year and beyond. Assuming the achievement of revenue goals during the earn-out period, Oxford added that the acquisition was also expected to make "a meaningful contribution" to group profitability in 2023.

Chief executive Nick Bolton said: "Our strategy for Vicon is to strengthen and grow a profitable market leader; with the need for quick, reliable video analysis greater than ever, this acquisition is a good strategic fit, supporting our 'amplify the core' strategy, providing an opportunity to further diversify our leadership position in motion measurement and grow a recurring revenue stream inside our Vicon business."

As of 1400 BST, Oxford Metrics shares were up 1.66% at 112.84p.

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