Notes to the consolidated financial statements

30 Acquisition of subsidiary

In the prior year on 24 March 2009, the Group acquired 100% of the issued share capital of iDesign Office Pty Limited for cash consideration of £1,678,000 (£1,664,000 net of cash and cash equivalents acquired). The fair value of net assets acquired was £1,678,000 which included developed technology of £1,622,000. No goodwill arose from the acquisition. The Company is involved in software development and marketing of plant instrumentation software products. This transaction was accounted for by the purchase method of accounting.