Coffey International Ltd (ASX: COF) announces two new acquisitions

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Professional services consultancy Coffey International Ltd (ASX: COF) has acquired 100% of the Global Justice Systems based in Australia and the UK, and also acquired UK consultancy Libra Advisory Group. The company says it paid $4.9 million for Global Justice Systems and 420,000 cash and $3 million in shares for Libra Advisory Group. Coffey says both transactions have been funded from existing cash reserves and have earn-outs based on performance over the next two years. The company says Global Justice Systems has annual revenue of around $9 million and Libra of around $3.3 million. CEO Roger Olds says the addition of these two businesses to Coffey International Development represents a strategic opportunity to address significant changes occurring in the international development services market. Coffey International earned $16.42 million in the 12 months to June 30, 2009.