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Web software consolidation as JSB snaps up Kansmen

First post-float acquisition for UK Web access firm

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JSB Software Technologies will make California-based Kansmen its first acquisition since floating last year. UK-based JSB has entered a "conditional agreement" to buy the software company for an initial consideration of $2 million cash and deferred consideration of up to $3 million in cash and shares. It is hoping to raise the $5 million to fund the buy-out by placing 2,367,439 new ordinary shares at 230p per share, according to a statement by JSB today. JSB specialises in Web-access software. It floated on AIM last June. San Jose-based Kansmen produces similar Internet access management products to JSB. Congleton-based JSB recorded a pre-tax loss of £373,000 against £1.76 million interim turnover for the six months ended November 1998. It has a US subsidiary near San Jose, California, with offices in Copenhagen, Denmark. ®

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