Former shareholders of Academics Holdings and Academics, which was acquired by Servoca in March 2008, have been awarded an earn-out worth more than £2m, as well as more than 7m shares.

The earn-out made up of £1,645,470 in cash, £704,530 in loans notes, and 7.571m shares has been triggered after the two companies exceeded their earn-out targets, which were agreed at the time of their sale to Servoca.

Founding director of Academics, and now Servoca board member Emma Sugarman, is due to receive 6.5m shares.