ICM Business Continuity Services, part of the Phoenix group of companies, has acquired the UK arm of Office Shadow.
Office Shadow is an award-winning provider of hosted business continuity planning tools. The software suite is currently used by over 100 blue chip and public sector customers. The UK business is based in Reigate, Surrey and employs 24 staff, including an offshore testing and development team based in Lahore, Pakistan.
Nick Robinson, CEO of Phoenix IT Group, commented, "ICM already has an attractive portfolio of services and excellent national coverage. The addition of the Office Shadow business into the group brings in additional revenues and opportunities. It also opens up our existing 2,200 business continuity customers to a new and increasingly essential service that will be in the higher margin/consulting part of our services."
The cash consideration payable amounts to £447,000 for the business and assets with a further £250,000 payable to a third party software developer, EPAM, for the completion of an updated version of the main software suite, due for delivery in Q2 2010.
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