RM buys Isis Concepts for up to £2.69m

15th May 2009 12:10

RM, which supplies IT products and services to the educational sector, announced the acquisition of specialist education solutions business Isis Concepts for up to £2.69m in cash. RM will pay an initial consideration of £1.14m in cash on completion, a deferred consideration of £0.97m after one year, and up to £0.58m over the following two years subject to the achievement of ambitious growth targets.Following the acquisition, Isis Concepts will be managed as part of the group's RM Education Resources division. The current management team will remain with the business and founder and managing director Nick Topliss has agreed to remain with RM for a minimum of three years to continue to drive the growth of the business."As part of the group, Isis will both broaden our RM Education Resources product range and help us expand what we offer to BSF (Building Schools for the Future) projects," said chief executive Terry Sweeney.