Murgitroyd, the Glasgow-based firm of patent attorneys, has extended its international reach with a takeover deal focused on the US and Nicaragua.
The agreement to acquire parts of Dallas-based MDB Capital Group and Managua-registered Patentvest totals just over $2.4 million (£1.7m) and will be funded via a new loan facility and existing resources.
Two US patent attorneys, Michael Chernoff and John Wootress, along with 18 staff, including 16 Managua-based patent engineers predominantly engaged in US patent searching, have transferred to the Scots company.
News of the deal came as Murgitroyd released a brief trading update telling investors that it continued to see revenue growth in the second half of its financial year.
The board expects to report revenues “in excess of £42m” for the financial year ended 31 May, and profit before taxation “broadly in line with market expectations”.
Group chairman Ian Murgitroyd said: “This acquisition reflects our strategy of offering a comprehensive suite of IP advisory and support services to global companies and international law firms in the group’s largest geographical market, the USA, with the objective of increasing Murgitroyd’s market share of high value European patent attorney services purchased by them.”
Deputy chairman and Murgitroyd chief executive Edward Murgitroyd added: “I am delighted that Murgitroyd is extending its IP support services offering through the expansion of its IP strategy and patent searching capabilities with the addition of Michael and John, and their team, and I believe this will augment existing sales channels used to win significant, higher-margin, European patent attorney work.”