PolyDoc Ltd, an Anglo-Dutch developer of knowledge based linguistics packages, has bought Guildford, UK-based systems integration and consultancy company AppliedNet for an undisclosed price. Polydoc managing director Richard Maddocks said the acquisition would give it the critical mass to accelerate sales in Europe and expand faster in the US.
The fit between the two companies comes because AppliedNet has developed client-facing software that uses intelligent agents to harvest information for particular interest group whereas Polydoc uses XML technology to organize vast amounts of information. AppliedNet will also contribute a blue-chip UK customer base which includes companies such as Unilever and Rio Tinto and 40 staff to the Polydoc organization.
Preliminary figures showed Polydoc recorded losses of 600,000 pounds ($954,000) in the first six months of the current year, up on losses of 390,000 pounds ($618,735) on revenue up 14% at 501,600 pounds ($795,788). The company plans further more substantial fund raising in the current year and it reports a positive reaction when it recently issued 500,000 pounds ($793,250) worth of shares to institutional investors.
