Storage giant EMC has made a £42m offer to acquire UK-based consultancy
Conchango, extending its European services capabilities.
The surprise announcement comes just months after Conchango has floated on
AIM. At the time, it had said it intended to use its floatation windfall to fund
its own acquisitions.
The offer of 23.1 pence per share represents a 44 per cent premium on
Conchango's pre-announcement price. It has already been accepted by 80% of
Conchango's shareholders and approved by its board, making the deal highly
likely to proceed.
"The addition of Conchango will mark another key milestone in the evolution
of EMC’s rapidly growing consulting services organization, significantly
expanding our global capabilities to design, build and deliver tightly
integrated solutions for our customers’ most critical business applications,"
said Howard Elias, president of EMC's global services group.
Conchango has a large Microsoft application consulting practice and includes
Tesco, Virgin Atlantic and Sky among its customers.
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