Irish Internet services company Horizon Technology Group today announced that it had acquired British firm Commerce Net Trading International Ltd for a total of STG£18 million.

Horizon said it was paying £4.3 million in cash and loan notes at closing, with £13 million to be paid in shares subject to performance targets over the next three years, and the remainder in cash over the next 18 months.

Commerce NTI specialises in e-commerce and online transaction processing, and has supplied a number of high-profile British companies.