Designer and supplier of electronic systems CML Microsystems Plc based in Witham, Essex has announced that it is acquiring 13-year-old Integrated Micro Systems Ltd, the independent silicon chip design house that is located in Rochester, Kent. Integrated Micro Systems offers a fully integrated circuit design facility to its customers and to some major electronics companies. CML is paying ?400,000 in total which is made up of cash to the total of the net asset value as at June 30 – net assets of Integrated Micro stood at ?234,073 at November 30 1993, but since this date the company has paid out a dividend of ?100,000 to shareholders and the new figure is not yet decided. Integrated Micro Systems made a loss before tax of ?41,205 on a turnover of approximately ?560,000 at the November 30 1993 year end. The balance of the payment is to be made up of new CML shares. CML says that the acquisition will enable it to better address its existing markets by allowing it access expertise that is not available to it at present. Integrated Micro Systems’s 12-man design team will complement its in-house engineering and increase CML’s product design capabilities, which will enable it to offer an enhanced package to its customers, it says. It will be making a further announcement when the final consideration terms are known. Earlier this year the Microsense Systems Ltd subsidiary of CML Microsystems acquired the business and some of the assets of Camdelta Ltd, which carries on business as a maintainer and installer of traffic systems throughout the London and the South East regions. However, he consideration paid for the acquisition was not material to CML. CML reported net profits for the year to March 31 up 4% to ?1.5m on turnover 20% ahead at ?18.9m.
