The board of CyanConnode has welcomed a £37.5 million takeover approach.

The Cambridge company, an IoT communication and smart metering solutions provider, is anticipating the all-cash offer from Dubai-based Esyasoft Holding Ltd.

The potential offer of 10.44 pence per share represents a 44% premium to CyanConnode’s middle-market closing price of 7.25p on 2nd February, the last business day prior to the offer period when Esyasoft’s interest in a potential £35m bid was reported.

Shares in the company are up 27% in the year to date having jumped 10% in the first 10 minutes of trading this morning to 9p.