Domino Printing Sciences plc, the Cambridge UK coding & marking technology business, has acquired 100 per cent of the shares in PostJet Systems Ltd.

The initial purchase price is £6.5 million, satisfied from Domino's existing cash resources. Net cash in the business will be paid out to the sellers.

Additional deferred contingent consideration is payable based upon performance of the business over a three year period.

The principal sellers are Adrian Moss, David Daniels and Raymond Paris. Moss and Daniels will remain employed by PostJet on long term employment contracts.

Paris will take planned retirement from full time employment at the end of the current year, but will be retained as a consultant for a further period by mutual agreement.

PostJet’s results will be fully consolidated in Domino’s group results from acquisition. Domino expects no material impact on earnings in 2012 and small accretion in 2013.

Nigel Bond, Domino’s Group MD said: “We are delighted to announce the acquisition of PostJet, a UK company which along with OEM partners has been successful at gaining market share through offering high performing, cost effective coding solutions.

“The global postal market is large and while postal volumes are in decline there is still a significant opportunity to grow share across a range of applications. PostJet has leading technology in the sector and will further strengthen Domino's digital printing capability.”