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Idox Buys Germany-based Digital Spirit; Terms Not Disclosed

Idox Plc (IDOX.L), a supplier of software & services, Thursday said it has acquired Digital Spirit GMBH, a supplier of compliance solutions for an undisclosed sum from Infinitas Learning BV.

The deal is expected to be break-even in 2015 and start to make a positive contribution during the following year.

Berlin-based Digital Spirit provides compliance software and content to corporate, public and commercial customers across Europe. Digital Spirit reported revenues of 6.5 million euros and underlying operating loss of 0.6 million euros in the year 2013.

The acquisition is complementary to Idox's e-learning software business, Interactive Dialogues, which it acquired in November 2011. Digital Spirit will be merged with the Interactive Dialogues business, which is part of the Public Sector Software Division. Both will be re-branded corporately as Idox Compliance.

The addition of Digital Spirit to PSSD will extend the division's existing geographical reach, product range and functional capability.

Idox said it will fund the acquisition from its cash and existing debt facilities.

Idox CEO Richard Kellett-Clarke said, "This acquisition is an important step to further strengthen our solutions outside the UK and to penetrate more of Europe. …. The acquisition is expected to more than double our presence in the fast growing segment of the European compliance and e-learning market."

In London, Idox shares were losing 0.57 percent, and trading at 39.15 pence.

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