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An insurance broking and risk management group has expanded its operations in the health and safety market after buying a software developer.

THB Group plc, which has offices in London and the southeast, has bought Cardinus, a developer and supplier of online risk assessment and e-learning systems with a particular focus on the health and safety market.

The deal, which also complements THB’s core operations, could be worth as much as £5 million. On completion, more than £2.8 million was paid comprising some £2 million in cash with the balance in ordinary shares.

The terms of the agreement includes a further cash consideration, which is conditional on performance. This will be paid in two tranches, with the first payment to be made 12 months after completion with rest due the following year.

THB’s chief executive, Vic Thompson, described the deal as an important acquisition for the group that adds a new blue-chip client list to the business as well as providing ‘significant’ cross-selling opportunities.

Cardinus’ management, which includes managing director Chris Baldwin and head of sales Jon Abbott, remain with the company post-completion.

In Cardinus’ un-audited pro-forma results for 2006, the company made a pre-tax profit of more than £400,000.

THB, which was established in 1968, serves clients and markets throughout the UK and overseas. The group’s operations include one of the largest Lloyd’s broking operations in the specialty market sector.

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