The Cambridge-based technology business has bought 88% of the issued share capital of Kameleon Source Codes adding to the initial 10% stake it bought in 2010.

Domino paid NOK12m  (£1.35m) in cash for the shares with a remaining 2% to be bought over the next three years with the price dependent on Kameleon's success up to a maximum price of £423,692.

Bond said Domino had been developing its label generation and printer integration capability using Kameleon's software since investing in the initial stake last year.

He added: "The move to acquire the balance of the company gives Domino full control over the deployment and future development of its software solutions that will enhance Domino's coding automation capability and offer customers the means to achieve enhanced productivity and coding reliability."

Last month Domino said that results following the first 10 months of its financial year were "in line with expectations" despite "subdued" demand in August for new equipment from western Europe and North America.

The results for the period from 1 May 2011 to 15 September maintain the Cambridge-based company's performance which saw it hit expectations during its half-year numbers published in June.

At the end of August, Domino said sales were 4% up on the corresponding period last year.