Under the terms of the deal, Axon will pay $12m in cash, and issue 2.8m new shares worth a total of $11.5m, to complete the purchase.
Feanix was formed in February 2004 from a management buy out of Xansa’s SAP practice in the US. The company, which employs about 85 people, had revenue of approximately $12.2m in its first year of trading.
Egham, UK-based Axon is looking to establish itself in the US following a strong performance in its home market and continental Europe in 2004. For the year ended December 31 2004, revenue from clients based outside of Europe more than doubled, growing to GBP 5.3m ($10m) from GBP 2m ($3.8m), though European sales still account for 91.2% of the company’s total revenue.
