Tangent in £4.5m purchase

Tangent Communications, the digital marketing group set up by former Carlton chairman Michael Green, yesterday pulled off its first acquisition, a £4.5m purchase of a marketing technology company called C360.

Tangent will pay an initial consideration of £500,000 in cash and £2m in Tangent equity and further payments will depend on the group reaching set earnings targets.

Mr Green was ousted from Carlton in 2003, just before it merged with Granada to form ITV. Mr Green brought Tangent to the stockmarket last year via the takeover of marketing company Documedia Solutions.

C360 generated earnings of £133,000 in its last completed financial year.