Wed, 26 Jun 2013Recruitment, training and consulting consultancy TFPL has been acquired by e-learning software and business training company, ILX group, in a deal worth up to £600k.

The acquisition from software company Idox, comprises an upfront cash payment of £300k, with an additional £300k dependent on TFPL’s future performance.

Specialising in the knowledge, information and data management industries, TFPL provides executive search, managed services and the placement of permanent, interim and contract personnel. Last year it generated revenue of £2.5m.

Wayne Bos, executive chairman, ILX Group, says: “This is a small but strategic acquisition for ILX, which complements both our training and consultancy activities. ILX trains thousands of project managers every year – a significant resource, which TFPL with its recruitment sector skills and other capabilities will be able to leverage to the benefit of both the group and our customers."

Optima Corporate Finance provided lead advisory services to Idox, including introducing ILX.

• UPDATE: ILX is now known as Progility since a 'reverse takeover' in September 2013.