Sagentia Group plc (AIM:SAG) – silences the doubters with an interesting acquisition
The cash rich outsourced R&D company has announced the acquisition of Oakland Innovation Limited, an R&D consultancy, specialising in technology innovation and market intelligence for the global consumer and healthcare markets. Following on from our recent post, it’s an interesting development!
Founded in 1989 by Managing Director, Michael Zeitlyn, Cambridge-based Oakland employs 47 staff, of which approximately two-thirds are PhD qualified. Michael Zeitlyn, and Jennifer Brown, Sales Director and shareholder, will remain with the business. This announcement looks good news for Sagentia who have been looking to expand their business over the past few years and have plenty of funds in place for such an expansion, with net cash of £15m at 31st December 2014. Despite reviewing several acquisition opportunities, the Group had previously been unable to tie-up any major acquisition. For the acquisition of Oakland a total cash consideration of…