RM climbs aboard SpaceKraft
Educational resources R US
RM used to be one of many PC makers specialising in the UK schools IT market. Most have fallen by the wayside. RM has survived and thrived, largely by branching out into installation, networking and maintenance and by dint of buying up curriculum software and other educational software firms.
Now it's building out its special educational needs offering, through the acquisition of SpaceKraft, for up to £3.95m. RM's putting up £3m cash upfront and up to £0.95m in performance-related loan notes, which can be cashed by the sellers in two years' time.
SpaceKraft will retain its brand and operate independently, as part of RM's TTS subsidiary. Turnover for the year to June 2007 was £4.85m, with adjusted operating profit of £600K, according to RM. But it doesn't say what the adjustment is actually for.
In May, RM bought another educational resources business called Dacta. Our story on that acquisition is here. ®