Sagenta Group PLC acquired 100% stake in OTM Consulting Limited along with its wholly owned subsidiary, OTM Group. The OTM Group was into international technology management consulting and specialized in both the gas and oil as well as alternative energy sectors.
Aside from enhancing earnings for the current year, Sagentia's development was expected increase with this acquisition.
The OTM Group had Chris Dudgeon, who would remain as the Managing Director, as its controlling shareholder and employed 35 staff. It was based in Guildford, Surrey and has offices in Dubai and Houston, USA. The OTM Group's customer base included ConocoPhillips, BP, Shell and Statoil, and Schlumberger.
OTM Group was able to generate revenue of GBP4.3 million in the year to December 31, 2012. This revenue was in line with Sagentia's accounting policies. The firm's profit before tax was GBP0.8 million. A consideration of GBP6.5 million would comprise GBP5.3 million cash and GBP1.2 million worth of Sagentia shares. This would be 944,139 shares at the average closing mid-market price.
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