Absoft seals first acquisition with purchase of Hexarus Consulting
Leading independent SAP consultancy Absoft today confirms the completion of its first acquisition with the seven-figure purchase of Hexarus Consulting, as it pushes forward a major growth strategy.
The acquisition is a direct response from Absoft to rapidly growing demand from its customer base for support in delivering improved reporting and business planning and forecasting capabilities.
Hexarus Consulting, based in Warrington, England, is a specialist provider of performance management and business intelligence solutions, based on SAP BusinessObjects technology.
The company, which has a team of 10 senior consultants will retain its own identity and operate as part of the Absoft group.
Ian Mechie, founder and managing director of Absoft Ltd, said: "Making this acquisition is a significant element of our expansion plan and will make a major contribution to our ambitious growth targets across the business. This year’s turnover is set to exceed £8 million and next year the combined turnover is likely to be more than £14 million.
"Absoft has been growing its BusinessObjects capability in-house but we have specifically worked to bring Hexarus into our group structure to quickly enhance our capability in that area and be able to satisfy customer demand.
"The vastly experienced team at Hexarus have an established client base, including a number of blue chip companies in areas including major food and industrial electrical manufacturing, who will now have access to the wider Absoft service including our dedicated back office customer support specialists.
"Both companies will continue to work to build on their individual client portfolios, which will include ongoing work targeting the Norwegian marketplace in oil and gas, as well as the local government, higher education and manufacturing sectors."
Absoft, an SAP Partner, has a staff of 90 and the addition of the Hexarus team brings the group to more than 100 employees across the UK.
Stan Cawsey, managing director of Hexarus Consulting, which recorded turnover of £2.2million in the last financial year, said: "Becoming part of Absoft's growing success story is a major step forward for our business, which has itself seen ongoing growth since our inception in 2008.
"Working together we will be able to provide one another with access to new markets and deliver significant added value for our clients in terms of our mutual specialist capabilities in SAP consultancy and service."
Absoft has already seen landmark growth across its work in the energy sector, with a 70% half-year rise in turnover reported in early 2012, and new ground broken in the international marketplace following swiftly on the back of record annual financial results in its 20th anniversary year.
The firm, founded in 1991, increased its office space at Aberdeen Science and Technology Park after seeing turnover rise by 23% in the previous financial year to £6.1million.