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25 January, 2006 - 21:52 By Staff Reporter

IT provider Compel acquires Allinity

Stevenage-based IT provider, Compel Group, has acquired Allinity Ltd, a market leader in the provision of the popular personnel IT tool, PeopleSoft, for an initial consideration of £1.0 million. Payment will be satisfied by £600k in cash and by issuing 421,048 new shares.A further cash consideration of up to 70 per cent of the pre-tax profits of Allinity above an agreed threshold level for the year ending June 30 may also be made.

Allinity’s revenue for the last year was £2.7m with pre-tax profits of £68k.

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