Horizon buys WBT for €1.15m

4 Aug 2006

Irish Stock Exchange-listed technology service group Horizon Technology has completed the acquisition of WBT Systems for €1.15m in cash and shares.

Horizon said the move will enhance its earnings per share this year.

WBT has over one million users of its e-learning technologies and has raised €30m in funding in recent years.

It is believed that WBT’s backers — including 3i, Delata Partners and Tony Kilduff — will lose money on the deal with Horizon.

Horizon chief executive Gary Coburn said the acquisition was consistent with Horizon’s focus on the enterprise technology market.

The chief executive of WBT Paul Dooley will remain with the company. It is understood that Horizon already owned a small stake in WBT, which employs 80 people.

“Consulting services and maintenance contracts account for a significant portion of WBT’s revenue and will add a new revenue stream in our services portfolio,” said Coburn.

“The acquisition of WBT will further strengthen Horizon’s enterprise consulting business and broaden the solution sets that it can provide to the corporate market.”

By John Kennedy