Xworks in reverse takeover by Chrome Technology

Technology consultancy and investor Xworks has been acquired by AIM-listed Chrome Technology in a reverse takeover which has seen the enlarged issued share capital of the combined companies admitted to trading under the name of Xworks plc. Technology investment vehicle Chrome floated on AIM in October last year and saw its share price slide from a high of 52.5p immediately after the flotation to 11p and now has a market capitalisation of £1.93m. The all-paper transaction involved the issuing of 26.7m new shares to Xworks’ four shareholders. The transaction comes as part of a growing wave of consolidation in the early-stage technology investment sector. Xworks was established by brothers Justin and Jason Drummond in September 1999 as an e-business incubator, providing advice and support as well as finance. The company currently has a portfolio of six companies in the B2C, software development and market research sectors. It achieved its first successful exit earlier this year via the trade sale of racing website formula-1.co.uk to 365 Corporation.

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