Tuscany Networks

Buy and build vehicle Accumuli has bid £4m for AIM listed Tuscany Networks in a reverse takeover and plans to raise cash through a share placement to fund two further acquisitions early next year.

The deal, which is subject to shareholder approval, represents the first step in Accumuli’s strategy to forge a managed security services specialist.

Management at Accumuli have appointed broker Zeus Capital to raise approximately £5m gross by issuing shares on the market at 6.5 pence each.

Basingstoke-based Tuscany Networks designs, installs and manages core networks and provides IP address solutions for around 200 large organisations.

“The acquisition of Tuscany, if approved, marks the first step in our plan to create an enlarged group with a range of services and product offerings in the managed IT security services sector,” said Accumuli chairman Graham Norfolk.

In abbreviated accounts for the year ended 31 December 2009, Tuscany had net assets of £480,000.

Accumuli was born out of Manchester-based Netservices, which following investment from serial entrepreneur Ian Smith, sold the trading business, assets and subsidiary WAN Services to GCI Telecom for £3.4m in 2009.

The buy and build strategy is taking shape and Norfolk confirmed Accumuli had pinpointed several others targets it hoped to close early next year.

“We have identified several other potential acquisition targets and expect to complete two further acquisitions before the end of Q1 2011,” he said.

Smith, now an executive director at Accumuli, and chairman at Redstone – which itself acquired Fujin Systems this week – plans to raise his stake in the business by buying additional shares at the rights issue, the company said.