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Date: Monday 13 Oct 2008

LONDON (ShareCast) - Outsource giant Capita Group has paid £13.6m, net of cash acquired, for IP based business networking solutions firm ABS Network Solutions.

“The acquisition will add valuable new expertise and capacity to Capita IT Services' existing networks business,” said the UK blue chip.

ABSNet provides network management, unified communications, on-site support and remote assistance. It also has a strong vendor relationship with CISCO.

It reported profit, on a pro forma basis excluding owner's appropriations, of £1.6m in 2007 on turnover of £17.1m.

“The strong relationship that they have with CISCO will enable cost savings in spend on equipment across the Capita Group,” said boss Paul Pindar.

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