InterX buys Cromwell Media in £226m deal

NEWS Web applications company, Cromwell Media, is to be bought up by InterX, the holding company of Ideal Hardware. InterX, already a minority shareholder in the company, is to buy the remaining 63 per cent by issuing 11,946,052 new InterX shares. This values the issued share capital of Cromwell at £226m, based on InterX's closing price on 8 February. It also plans to raise £30m through share placing to develop Cromwell's software products that are currently used to power Silicon.com and ITNetwork.com. Two board appointments have also been made: Philip Crawford, president of EDS, is to be part-time chairman; and Robert Bruce, previously at Broadvision, will start as chief executive on 14 February.