20 September 2016
Intamac in software deal with Sprue Aegis
Northampton-based software firm Intamac has sold the source code and development rights to a piece of its software to Coventry-based Sprue Aegis in a deal that could be worth up to £2.8m.
Some £1m will be paid by Sprue initially, together with £0.45m pre-paid licences paid to Intamac converted into consideration, and the balance over the next 12 months on the achievement of certain agreed milestones.
Sprue has acquired source code and development rights to software developed by Intamac to enable its customers to connect and monitor Sprue’s whole range of wireless products over the internet.
Sprue has the ability to use the data it collects from Connected Homes products to not only detect fires, but using an advanced algorithm, to be able to identify properties at elevated risk of experiencing a fire in the future.
As part of the transaction, Sprue has hired two of Intamac’s senior software development engineers to enable it to operate and maintain the software. Sprue has also contracted with Amazon to host its customers’ data on a secure server.
Graham Whitworth, Sprue’s executive chairman said: “The Intamac software acquisition is a critical development for the long term sales potential of the Group.
“Having our own in-house software opens up the prospect of revenue from new markets, new services and the potential of recurring revenues giving Sprue the ability to connect and monitor a vast installed network of its products over the internet.”
Whitworth said the deal would be funded from Sprue’s own resources.