Date Posted:


Acquisition and Fundraising for Accumuli plc

12th November 2010

Zeus Capital, the Manchester based Corporate Finance advisory firm, has advised Accumuli plc on the £4million acquisition of Tuscany Networks Limited and £5million institutional placing.

Accumuli, which has its headquarter in Salford and led by Ian Smith, is a “buy and build” company focused on acquiring companies in the Managed Security Services sector of the Information Communications and Technology market.

The acquisition of Tuscany Networks is the first in Accumuli’s new buy and build strategy which was announced in July 2010. Tuscany was established in 1996 in response to the steady growth of IP networks and the need for products and tools to allocate and manage IP addresses across an organisation. Tuscany now acts as a reseller of Alcatel-Lucent and Infoblox products, two of the leading software and hardware developers in the IPAM industry. In addition, it has developed software that integrates with these solutions to allow for additional functionality in order to improve the management of these solutions for the end user. Tuscany has a team with specialist experience in the IT infrastructure solutions market who provide ongoing support, maintenance and consultancy services to customers.

Graham Norfolk, Chairman of Accumuli, said:
“We are pleased to be recommending our first acquisition prospect to Accumuli shareholders following the change of strategic direction for the group. We believe Tuscany is a well positioned, growing business operating in a growing market. The acquisition of Tuscany, if approved, marks the first step in our plan to create an Enlarged Group with a full range of services and product offerings in the Managed IT Security Services sector. We have identified several other potential acquisition targets and expect to complete two further acquisitions before the end of Q1 2011.

Richard Hughes from Zeus Capital commented:
“We have known Ian Smith and his team for several years and are pleased to have been able to support him and raise these funds for a very interesting buy and build strategy in the Managed Security Services Sector. This is Zeus’ 13th transaction for companies on AIM in 2010.”

Zeus Capital acted as Nominated Adviser and Broker to Accumuli plc.