US firm buys Atlantic Global

Software and consulting company KeyedIn Solutions has made a formal, recommended offer for the acquisition of Atlantic Global at a price of 22p per share.

Atlantic Global, which is based in Cleckheaton, West Yorkshire, put itself up for sale in September after receiving two preliminary takeover offers.

Atlantic won a number of new customers last year including FriendsLife, The Lewis Group, Happy Customer and TAH Limited.

Eugene Blaine, Atlantic Global’s chief executive, said: “The team at Atlantic Global has created a world-class solution that has been adopted by some of the most successful and expanding companies around the globe.

“The synergies between what Atlantic Global needed to drive the next phase in our expansion and what the KeyedIn team offered were startling. Bringing together our world-class products and the international sales and marketing experience of the KeyedIn team made this a compelling proposition for our employees, customers and shareholders.”

Atlantic Global had been of “keen interest” to KeyedIn since August 2011, it was disclosed today.

The $8M deal was put together by Yorkshire-based entrepreneur James Waterhouse, whose boutique consulting house, virtualdirection, has also been acquired by KeyedIn.

“It is fantastic to see what this team has achieved in the last 15 years with very limited sales and marketing resources,” said Mr Waterhouse. “It is a privilege to be able to attract US investment to a great British company and protect Yorkshire jobs during these difficult times.”

”We are quickly building a new company with new technology, new teams and certainly new passion,” said KeyedIn co-founder and chairman of the board George Klaus, former chairman of the board and chief executive of Epicor Software.

KeyedIn said it expects to quickly integrate Atlantic Global into its core business model and roll out products into new markets.

Mr Klaus said: “This is an extremely exciting acquisition that provides both the products and the development capability that allow us to complete our vision. We have exciting plans for the ongoing development of the product line and are already geared up to take the products into the US and mainland Europe.”

KeyedIn were advised by Pinsent Masons in Leeds. The lead partner was Alison Starr, who was supported by Alan Chan and Anaick Summers, plus specialist tax lawyers.