Fujin Technology sold to Accumuli for £2m


Fujin Technology sold to Accumuli for £2m

Microscope contributor

Buy and build outfit Accumuli has netted its second acquisition in a month after agreeing to pay £2m in cash for security integrator Fujin Technology.

The investment vehicle reversed into Tuscany Networks in November and revealed plans to raise funds through a share placement to fuel further purchases, but the deal with Fujin materialised earlier than planned.

Founded in 2003, Fujin focuses almost exclusively on providing content and network security systems from a small number of vendors including Blue Coat to European mobile and broadband service providers.

"We are delighted to have completed the second acquisition in our stated strategy of building a Managed IT Security Services business," said Accumuli non-exec chairman Graham Norfolk.

All five staff at Berkshire-based Fujin will transfer to the new owners with technical director Andy Aplin assuming overall technical responsibility for the enlarged group but managing director Will Palmer working only on a consultancy basis.

The strategy is to expand the technology sales of Fujin Group and raise margins by "in-housing" more consultancy and support work which is made achievable by Accumuli's wider resoruces, the firms siad.

Under the T&Cs, Accumuli will pay Fujin £1.9m on the completion of the deal and the remainder by the end of next month. In audited accounts for 31 October 2010, Fujin posted sales of £3m and group profits of £430,000.

Accumuli was born out of Manchester-based Netservices following the sale of its trading operations, assets and subsidiary WAN Services to GCI Telecom for £3.4m in 2009, months after it received investment from serial entrepreneur Ian Smith.

Now an executive director, Smith advised Accumuli on the acquisition of Fujin Technology via his ICT M&A consultancy MXC Capital and is entitled to 2% of the transaction fee.

He is also chairman at Redstone, which recently acquired Fujin Systems - a subsidiary of Fujin Technology - that resells Brocade and Arista in the classic data centre space.

Join the conversation Comment



    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.