Eleco Plc has acquired Kivue, a provider of project portfolio management software and associated services, for an enterprise value basis of £2.3m – £1.84m cash and £460,000 of equity.

Eleco is an AIM-listed specialist software provider for the built environment.

Reading-based Kivue’s Perform platform provides immediate and automated, visual portfolio insights, governance, risks and portfolio performance for project teams and enterprise-level executives.    

Primarily focused on the private sector with some public sector clients, notable customers include London City Airport, Aon, Bentley, Virgin Atlantic and The Government of Jersey.

Its most recent annual results showed £1.5m in revenue and adjusted EBITDA of £200,000.