RM has bought US-based education technology provider Computrac for £8m.

The firm said in a statement today that the company will be integrated with the RM Educational Software Inc arm of the biz, which is the group’s US subsidiary.

RM’s current international managing director will relocate from Boston to Atlanta to oversee the takeover and run the newly combined business, while Computrac’s existing senior management team will stay in place, said RM.

Computrac pulled in revenues in the year ended July 2008 of $28.8m, with operating income of $1.3m, according to RM, which under the deal will stump up an initial cash consideration of $3m and take on debt of $4.3m.

A further $0.7m deferred consideration is payable in cash, subject to the “achievement of certain performance conditions.”

RM said these amounts are being bankrolled from a £25m, five-year facility agreed with HSBC in July this year.

Shrugging off the financial crisis reverberating through Wall Street and the City, the UK-based firm’s boss Terry Sweeney said he sees the buy bringing in “significant market potential in the US.

“This acquisition is a major step forward in our international expansion, bringing critical mass to our US presence,” he said. ®

Related stories

• RM walks the line (9 February 2009)
• RM profits dip in 'resilient' market (24 November 2008)
• Updated Becta green lights open source software in schools, at last (23 September 2008)
• RM gets fingers into school biometrics market (31 July 2008)
• RM navigates through tighter market (29 July 2008)
• RM buddies up with Tesco on new voucher scheme (22 July 2008)
• RM boss says school's out forever (10 June 2008)
• RM must try harder in second half (12 May 2008)
• RM ties up IT school deal with Newham council (11 April 2008)