Profit for Access Intelligence as it buys Cobent

York-based Access, which supplies software and computer services, said the Cobent deal was in the form of new ordinary shares, 3 million in cash and up to 200,000 deferred consideration.

Cobent, a 1.5m turnover business, was founded by Howard Sears in 2003 and is based in the UK, with a small presence in Texas. It provides training and compliance solutions into FDA, FSA and HSE regulated industries.

Access said turnover from continuing activities rose 51.6 per cent to 6,014,913 and profit before tax was up to 566,000, compared to a loss of 4.6m. Basic earnings per share were 0.38p, compared to a loss of 5.27p the previous year and there was a positive cash balance of 1,714,243, up from 763,000.

Michael Jackson, executive chairman, said: "The decision to position ourselves as a compliance software-as-a-service provider, combined with tight cost control and the formation of a new media and communications division through the merger of Ether Ray and Solcara have helped return Access Intelligence to profitability.

"Looking ahead, we are extremely excited to be announcing the acquisition of Cobent as this not only reinforces our focus on the compliance sector, but it also expands our sales footprint into the US. With cash on the balance sheet, we continue to search for similar acquisition opportunities."

Howard Sears, managing director of Cobent, will join the board of Access.