Irish e-learning group in secret acquisition talks

20 Jan 2004

Irish e-learning group ThirdForce, which was formed last year when Rapid Technology acquired Electric Paper, is reported to be in talks to acquire another unidentified e-learning firm.

ThirdForce said in a statement that it is engaged in talks to acquire what it describes as a firm that operates in a “complementary business.”

The statement was issued in response to speculation about a possible acquisition resulting in an 87pc rise in its share price.

If the acquisition succeeds, ThirdForce said that it would provide full details to its shareholders.

It added that the deal would not be of a size that would require prior shareholder approval.

ThirdForce, then Rapid Technology, acquired Electric Paper, which develops e-learning technology for European Computer Driving Licenses, in March last year for €15m.

ThirdForce reported a €1.56m net loss for the year ended June 2003, compared with a net loss of €1.76m in the same period last year. Turnover at ThirdForce increased to €3.98m, a 19pc rise.

By John Kennedy