Source: Proactive Investors

Flexiant: Tern completes Flexiant assets acquisition

Cloud and mobile focused investing company Tern PLC (LON:TERN) has successfully completed the acquisition of the assets and businesses of Flexiant Limited, the research and cloud management company. The group partnered with Flexiscale Technology Limited, which acquired the remaining FCO business unit. The assets were acquired from administrators for £75,000 when then acquisition announced last month failed to proceed. The assets acquired by Tern are valued at approximately £20,000, based on Flexiant's accounts. This acquisition is in line with Tern's strategy of focusing on making investments in companies with proven products, said the group. Tern now has controlling interests in three businesses. "We are pleased to have acquired these assets as we perceive the greatest value can be obtained by splitting Flexiant into three business units," said chairman Angus Forrest. There was interest from major corporate buyers in acquiring Flexiant Ltd. We will concentrate on driving the commercialisation process following which we expect to achieve significant returns." Shares dropped 16.6% to 10p, marked down by today's Referendum result.

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