Reading Room acquired by Idox in £5.6m deal
Reading Room has been acquired by public service software solutions provider Idox for £5.6m, however only the agency’s UK presence will be consumed.
The deal for the digital consultancy, founded nearly 20 years ago, will see the London and Manchester offices acquired, while its Asia Pacific subsidiaries will not become part of Idox.
The Drum has been informed that all senior staff will remain in post, while the Asian offices will be sold back to founders Margaret Manning and Simon Usher who will open a new company in the region.
"The acquisition of Reading Room is a major step in our strategy to build a sophisticated digital platform from which we can leverage our sector and domain knowledge to provide value adding solutions across the UK and Europe," said Idox chief executive Richard Kellett-Clarke.
Reading Room, which reported net assets worth £1.4m as of its financial year end - 31 March, will now be fully integrated into Idox.