Compel gets Midas touch

Compel has agreed to buy Oracle reseller and e-commerce consultancy Midas Computer Software. Midas will be integrated into the company's Internet division, Compelsolve, and will be renamed CompelMidas. The UK reseller will pay £2.5 million for Midas, consisting of £1.45 million loan notes, £1 million in Compel shares and £50,000 cash. It will also take on £1.5 million of Midas debts. "The newly merged operation will focus on delivering Oracle based solutions for e-commerce and business to business requirements," according to Compel. It follows Compel's acquisition of consultancy business Pangaea, renamed Compelreach, in January. For the ten months ended 30 September 1999, Midas saw £13,800 pre-tax profit on sales of £4.7 million, with net assets of £93,000. In February, Compel recorded pre-tax profit of £3 million on sales of £135 million for the six months ended December 31 1999.® Related stories Compel blames Y2K sales slowdown Compel snaps up Web design company