The UK arm of EMC, the world's biggest maker of data storage equipment, has snapped up Conchango for £42m just weeks after the Aim-listed technology consultancy group relisted on Aim following a stint on Plus Markets.

The sale is set to net founders Michael Altendorf and Richard Thwaite, who began the business in 1991, about £13.7m each from the sale of their 34.1 per cent stakes.