Elecosoft has acquired Integrated Computing & Office Networking Limited for a total consideration of £2.4 million.
ICON is a leading software as a service provider of building information and related data management and storage systems, principally to the UK retail sector.
The acquisition is consistent with Elecosoft's strategy of investment in SaaS technology to grow its customer reach and strengthen its position as an international provider of innovative, market-leading visual software applications.
ICON is a profitable software business with a high profile blue-chip customer base which includes seven of the top ten UK retailers, namely, ASDA, Boots, the Central England Co-operative, John Lewis, Morrisons, Sainsbury's and Waitrose. The directors of both Elecosoft and ICON are confident that the combination of ICON's SaaS business with Elecosoft's visualisation, estimation and project management software will enable the combined businesses to access new markets, benefit from cross-selling opportunities and enhance the significant recurring revenue generated by their respective software solutions.