A full year update from buy-and-build IT security services player, Accumuli, shows it has benefitted considerably from its April 2011 acquisition of Boxing Orange (see here). Revenue for the year ended 31 March is in line with market expectations -we estimate £12.5m - with £7m being generated in H2, up 27% over H1. Although the organic performance isn’t broken out, we suspect Boxing Orange will have contributed significantly, if not entirely, to this uptick in performance. Group EBITDA is expected to be £2m vs. £100k in FY11, giving Accumuli an EBITDA margin of 16%.
It is clear that the accounting ‘hiccup’ regarding Boxing Orange has now been put to bed (see here). In fact Accumuli will now pay a slightly higher deferred consideration of £442.5k to the Webscreen software side of the business in April, following a ‘strong performance’ since the takeover. Having completed the integration, chairman Nick Kingsbury wants to invest in R&D and make further acquisitions, particularly in the area of security information event management (SIEM), which should take it into the area of real-time analysis of security alerts.