Daily Internet buys Liverpool software fim Q4EX
Daily Internet, a web hosting company chaired by serial stock market entrepreneur Michael Edelson, has bought the Liverpool software firm Q4Ex.
It is assumed the company has entered an all-share deal, which is initially worth around £520,000 but that further deferred payments could take the value up to a total of £2 million.
Q4Ex was in fact only established last year, and provides a cloud-based software service to building merchants and distribution businesses. It is owned by Arthur Duffy and Christopher Evans, a non-executive director at a Nottingham based Daily Internet who has just been appointed chief executive.
Daily Internet has plans to merge the company with Netplan, the internet infrastructure firm it bought last year. Arthur Duffy, the managing director of Q4Ex, and Paul Jones, services and support the director, will join the Netplan board in the same roles.
Kirsti Pinnell, who is the corporate partner at the Manchester-ran law firm Kuits had led the transaction for the long-standing client Daily Internet, supported by the assistant solicitor James Skivington.
In the last eight months Daily Internet said that revenues had jumped by 123% to £1.79m, and pre-tax losses had narrowed from £400,000 to £100,000.
Words: Daniel Smith