Kainos Group PLC (LON:KNOS) have announced that they have acquired Intuitive Technologies LLC for an undisclosed sum.
Kainos noted that Intuitive Technologies has completed over 500 Adaptive Insights projects. Adaptive Insights is a Workday Inc company and its software is used for business planning.
The firm added that Intuitive Technologies is a “a trusted advisor in the areas of financial consolidation, budgeting, planning, forecasting, reporting and accounting solutions”.
From the statement above, this displays the kind of confidence that Kainos hold in their new acquisition.
Commenting on the acquisition Brendan Mooney, CEO, said:
“I am delighted to welcome the IntuitiveTEK team to Kainos, and into our ever-expanding Workday practice. The team’s expertise, excellent reputation, and passion for building strong customer relationships aligns with our business, and we look forward to having them on board. As a leading Workday partner, we see this acquisition as an important step to deepen our expertise in Adaptive Insights Business Planning Cloud in the United States, where we continue to see growing demand from clients in modernizing their planning and financial management processes.”
Kainos complete two merger deals in November
In November, the technology firm announced that they had agreed two merger deals, which led to shares jumping.
The firm said its revenue in the six months to September 30 rose by 29% year-on-year to £86.9 million from £67.2 million.
Pretax profit was 38% higher at £12.0 million from £8.7 million last year. On an adjusted basis, excluding “share-based payments and related costs”, the profit growth was more modest at 27% year-on-year to £12.8 million from £10.1 million.
Revenue in its core Digital Services segment grew by 29% to £73.7 million from £57.3 million last year.
Kainos also said that it has acquired Formulate Ltd, a technology consultancy firm based in Worcestershire in the west Midlands, England. It has also bought the Adaptive Insights arm of Implexa GmbH.
Kainos said: “Implexa is the only accredited Adaptive Insights partner in Germany, and adds Hamburg-based software and consulting capabilities to Kainos’ existing Frankfurt presence and capabilities.”
Shares in Kainos trade at 739p (-0.93%). 2/3/20 12:36BST.
