Interesting news this morning for Conchango, the company I worked for before joining Solidsoft. They floated on AIM a couple of months ago and this morning the latest news is that EMC has made a bid to acquire Conchango at 23.1p per share, which is a 44% premium on the pre-announcement price. This values the company at £42m which I’m sure comes as welcome news for Mike and Richard, the two founders. The offer has the support of 80% of the shareholders (I would guess Mike and Richard), so I would guess it’s pretty much a done deal.
Here’s what Computing had to say:
Conchango employs more than 300 technology professionals and has UK and US clients in the retail, finance, media/entertainment and energy sectors, including B&Q, Barclays, Comet, The Daily Mail, HMV, Lloyds of London, M &S, Tesco and Virgin Mobile.
Conchango will become part of EMC’s European Microsoft consulting practice within its Consulting & Solutions Integration Services organisation, giving EMC access to a total of almost 12,000 consultants and engineers on a global basis.
Interesting news for my friends there. Hopefully their new masters will respect Conchango’s culture and build on it rather than trying to impose their own. Watch this space.