- Information management software group ldox said it had acquired Aligned Assets, a public sector software business, for up to £10.5 million.

The acquisition of Aligned Assets would enhance Idox's offering to local authorities in relation to the built environment, the company said.

'The product set of Aligned Assets is complimentary to Idox Cloud and will support future organic growth in this area,' it added.

For the year ended 31 March 2020, Aligned Assets reported revenues of £2.2 million and pre-tax profit of £0.8 million.

The initial cash consideration was £7.5 million, increasing to a total maximum of £10.5 million, comprising earn-out amounts of up to £1.5 million in cash and £1.5 million payable in equity over two years.

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