IDOX acquires TFPL for £4 million

Information professional recruitment specialists TFPL has been sold to software vendor I-Document Systems (IDOX) for £4 million.

In an official release, IDOX stated that it would pay £2 million in an initial payment in cash and shares, and a further £2 million in two years time, if gross profit targets are met by October 2006.

IDOX produces document, records and knowledge management software for the government market. The British software vendor will add TFPL's project and consultancy services to its portfolio, as IDOX continues to "push further" into the information services market.

Market researchers Hardman & Co expect TFPL to produce £5 million in sales this year, making TFPL a "significant acquisition", and capable of doubling IDOX turnover in 2004. TFPL?s profits for 2003 were just £150,000 net.

TFPL founder Nigel Oxbrow will remain with the company as Managing Director, but will have his work cut out for him, as Hardman & Co describe the two year earn-out targets as "fairly aggressive". The company was originally known as "Task Force Pro Libra".

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