Azlan buys Horizon's training biz
Beefs up Cisco arm
Azlan is beefing up its training arm with the acquisition of Horizon Technology group's Cisco training division for up to £7.4m cash.
It is not taking on any debt: Horizon's training arm had net liabilities of £2.6m at December 31. On completion of the sale, the business will retain liabilities of £200,000. Azlan reckons the purchase will be earnings enhancing within 12 months.
Azlan is buying the business from its cash pile, filled recently with the first repayment of £1.3m from HM Customs & Excise for overpaid VAT. Azlan expects to clawback another £4m from Customs.
Horizon, an Irish-based Sun reseller and distie, is in retrenchment mode this year. In March it shut down its UK lossmaking reseller division, which turned over £45m a year at its peak. Today the company announced that it has revised terms to buy out the minority shareholding in its Client Solutions subsidiary. Originally it was going to pay in stock, but tumbling share prices over the last year would have meant a big dilution. Now it is going to pay a mixture of cash and shares. ®