- Adept4 said it had entered into non-binding heads of terms to acquire Cloudcoco.

Under the terms of the agreement, Adept agree to issue 218,160,586 shares in the company to acquire Cloudcoco, representing 49% of total shares outstanding.

CloudCoCo was established in September 2017 by former sales directors of Redcentric and offered cloud and related technology solutions.

'CloudCoCo's team of cloud and connectivity experts leverage the capacity of its large supplier ecosystem to provide unique technology solutions to customers in order to optimise and transform their businesses,' the company said.

'Though only recently established, CloudCoCo is already trading profitably and has a strong and growing pipeline,' it added.

Adept also said the business growth fund had agreed to sell the £5m of unsecured loan notes in issue, to MXC Capital, which held 29.9% of Adept4's issued share capital, for £3.5m, reducing the liability of the company. The sale of debt would go ahead upon completion of the acquisition.

At 10:36am: (LON:AD4) Adept4 Plc share price was +1.3p at 2.75p

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