Integrity Holdings, the Dublin-based software and financial services company, has acquired the business of the Internet solutions provider, Net.Results. The consideration is $1.2 million (#1.05 million) and consists of cash and new Integrity shares.
Based in Sandyford, Co Dublin, Net.Results was established 18 months ago. It designs and manufactures Net.Works CX Communications Exchange, an Internet solution designed specifically to connect multiple users to the Internet. Net.Results will use Integrity's subsidiary company, Information Support, to market and distribute its product range in the UK.
Mr Paul Nagle, chief executive of Integrity, said the acquisition by Premier Computer Group (Integrity's subsidiary), "enhances our ability to provide a complete Internet solution to our growing corporate base".
Integrity gained a share quotation on Nasdaq on the bulletin board in August 1998 but hopes to get a full listing by the end of the year. Since then it has spent $5.3 million on six acquisitions.
Last February, it acquired the Dublin-based Premier Computer Group. The latest results showed profit before tax and goodwill, of $1.3 million in the second quarter of 1999, 8.3 per cent ahead of the first quarter.
The management owns more than 55 per cent of Integrity. Institutions and other employees own the remainder.
