Just a brief overview this morning - we'll come back to some of these stories later today. In trading news, telecoms software company Formula Telecom Systems has announced interims results for the period ended 30 June. Revenues were up a shade at $15.5m and the company returned to break even after reporting a $3.6m loss in H1 2006. Sticking with Israeli companies, following results on Friday, Emblaze subsidiary Matrix has this this morning announced a $60m bond issue. Document management software company INVU has announced that, due to some product development difficulties difficulties in H1, revenues for the period will be below expectations, although the company notes that the issues are now resolved. Also, due to previously announced reorganisation costs and also costs of increased reporting requirements, INVU has said that profits for the the half and full year will be below expectations.
Two M&A stories this morning. Anglo-German software testing consultancy SQS has resumed its M&A strategy with the acquisition of Triton - a supplier of IT services to the Austrian Insurance industry. SQS is paying €4.4m in cash up front and up to €11.1m deferred consideration in cash and shares. In calendar 2006, Triton achieved profits of €1.4m on revenue of €4.8m. Also on the M&A front, BT Group has acquired IT solutions company Basilica for an undisclosed sum. For the year to August 2006, Basilica generated revenues of £76m - profits were not disclosed.