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ArgentVive buys and raises £4.2m

21.12.07 Philip Jones

ArgentVive, the AIM-quoted e-commerce group formerly known as Samedaybooks, has bought information provider Solcara for £4.5m. It has also raised £4.2m to help accelerate its growth through an increased investment in selling and marketing expenditure.

ArgentVive is paying about £1.6m in cash for Solcara, with the remainder paid in shares. According to the company, Solcara has developed "cutting edge" core technologies to enable the rapid search, identification and analysis of ever expanding volumes of information. ArgentVive has raised £4.2m through a placing of up to 8,365,291 shares at 50 pence per share, partly to fund the acquisition.

Kevin Fleming, finance director of ArgentVive, said: "This is a landmark acquisition for ArgentVive.  The acquisition of Solcara strengthens significantly our own management expertise, provides us with an impressive list of blue chip clients for our B2B division, and gives us access to valuable development resources, intellectual property and expertise.  We believe this acquisition gives the group a solid infrastructure enabling us to scale the business through both the development of Solcara in its own right and the exploitation of Solcara's leading technology for the benefit of other group companies."

Philip Jones Samedaybooks ArgentVive

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