ACCESS Intelligence has agreed to revise the amount it will pay for Cobent after the acquired business's performance proved to be a “disappointment”, the company said.

Access Intelligence's MS2M business, which provides training and competency software to comply with Food and Drugs Administration (FDA), Financial Services Authority (FSA) and Health and Safety Executive (HSE) regulated markets, is based in York.

The business said the performance of the Surrey-based compliance software firm since its acquisition in March 2010, has been a disappointment to both Access Intelligence and the vendors.

Cobent made a further loss of £230,000 in the first half of 2011.

Significant changes in personnel have taken place in recent months including the departure of the principal vendors and Cobent now has a new management team in place.

The Access Intelligence board said it believed this would result in an invigorated business.

In a statement to the stock exchange, it said the principal vendors have agreed to reduce the amount paid under the acquisition agreement and have transferred their shares to the company, in return for Access Intelligence releasing them from restrictions detailed in the agreement on them working together.

In a statement the business said: “In the reasonable opinion of the board this will not pose a competitive threat to Cobent's core business.”

Another five million warrant, which would have enabled the vendors to buy shares at a fixed price, have also been returned to Michael Jackson, executive chairman of Access.

The business said the announcement made no material impact in profit performance, although earnings per share would improve by about 8.8 per cent.