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Accumuli acquires security specialist Boxing Orange

Microscope contributor

AIM-listed buy and build strategist Accumuli has forked out £5.48m for IT security firm Boxing Orange Ltd and its subsidiary Webscreen.

The ultimate aim for management is to roll up a managed security services specialist and Boxing Orange represents its third acquisition to date, after taking over Tuscany Networks and Fujin Technology late last year.

Under the terms of deal, Accumuli will cough up £2.73m in cash and issue more than 31 million shares at 8.75 pence each, but could rise another £2.1m in cash dependent on performance.

"Boxing Orange provides the company with an established, profitable, managed service capability with significant opportunities to cross sell complimentary services across [our] customer base," said Accumuli chairman Graham Norfolk.

West Yorkshire-based Boxing Orange resells ArcSight SIEM, a security incident and event management product, punts managed services through its 24/7 security operations centre and Distributed Denial of Service via sub Webscreen.

In the year to 31 March 2010, Boxing Orange made an EBITDA of £714,000 on revenues of £3.58m, while in the twelve months to 31 December, Websreen made an EBITDA of £232,000 on sales of £606,000. The firm employs 27 staff.

Conclusion of the acquisition is conditional on Accumuli shareholders passing it at the General Meeting scheduled for 15 April.


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