As its first move since flotation, RM Plc, the former Research Machines, is to acquire the trade and assets – valued at ú200,000 of Key Solutions Ltd, a specialist provider of school management and administration software, for a maximum ú2m, ú1m cash upfront, ú600,000 in shares or loan notes in June 1996 and two further cash payments of about ú200,000 each in June 1997 and June 1998. The payment in June 1996 is conditional on revenue exceeding ú1.5m and pre-tax profit exceeding ú50,000 in the year to the May 31 1996. Key Solutions, which operates as a partnership, was founded in 1990, is based in Otley, West Yorkshire and employs 28 staff.
