Sherwood is paying pounds 300,000 for THS, the information technology subsidiary of English & American Group, which has net assets of pounds 1.1m. In the year to 31 December 1991, THS made a loss of pounds 160,000 from sales of pounds 2.6m, although unaudited figures show a profit for 1992.
The company said the acquisition represented a strategically important move into IBM-based products and gave it access to international markets. THS has a range of overseas clients.
Sherwood is one of several small technology companies to have seen their shares soar this year. Yesterday's rise means that the shares have risen 20 per cent since the beginning of February.Reuse content