Instem, a leading provider of software and services to the earlystage drug development healthcare market, has announced the acquisition of France-based Notocord, a profitable software business active in the pre-clinical Safety Pharmacology market. With a maximum consideration of €4.2m (£3.5m) the deal is relatively small, but is consistent with the group’s strategy of pre-clinical software market consolidation. We make modest upgrades to earnings forecasts (EPS +14% 2017E).