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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cybit Hldgs | LSE:CYH | London | Ordinary Share | GB00B04QS651 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 73.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3777R CybIT Holdings PLC 16 February 2007 Cybit Holdings PLC Acquisition of Thales Telematics Deal consolidates Cybit position as one of Europe's largest internet-based Telematics Service Providers > Acquisition of Thales Telematics Plc adds more than 400 customers and 10,000 vehicles to the Cybit Vehicle Telematics base > Acquisition of the Private Mobile Radio (PMR) business complements the acquisition of BlueFinger in June 2006 > Extends Cybit's reach into new sectors including exploration and mining > Builds on Cybit position as a consolidator within the Telematics industry > Provides major opportunity to leverage growth prospects through turnaround Cybit (AIM: CYH), one of Europe's leading online Telematics Service Providers, announces the acquisition of Thales Telematics Plc, a UK based vehicle Telematics and wireless asset management business, from Thales Group (Euronext, ISIN code: FR0000121329). The total consideration of #1.0 million in cash will be payable in four monthly instalments, of which #250,000 will be due in the current financial year, ending 31 March 2007. The acquisition will consolidate Cybit's position as one of Europe's largest Telematics Service Providers (TSPs). Following the acquisition, Cybit will have a customer base of approximately 1,500 representing in excess of 35,000 installed units. Thales Telematics Plc offers end to end vehicle Telematics solutions through internet and client-server based solutions. The solution covers areas such as temperature monitoring, door control, driver-id and Stolen Vehicle Tracking. Key customers include Fowler Welch Coolchain, Unichem and Coca Cola Enterprises. Thales Telematics Plc also offers Private Mobile Radio (PMR) products and services to the oil and gas, mining, marine and security sectors. Specific applications include advanced communications, precise positioning and telemetry. Key customers include Western-Geco, Agrocom and Lafarge. The PMR business has significant synergies with BlueFinger, which was acquired by Cybit in June 2006. The mining and exploration sector, which accounts for some 50% of PMR revenue, is currently in the midst of a "super-cycle". In 2006 alone, mining houses approved more than $55 billion of capex to be invested over the next two to three years in projects worldwide. We believe this will result in strong demand for Thales Telematics' services and products - and at improving margins. In the year to December 2005, Thales Telematics reported revenues of #6.3 million (2004: #8.5 million) with a gross margin of 39% (2004: 50%). Excluding Group costs, Thales Telematics reported an operating loss of #3.9 million (2004: loss of #3.6 million) and has accumulated tax losses of approximately #5.7 million and net assets of #5.8 million. In addition, Thales Telematics carries own-book financing worth approximately #3 million. Commenting on the acquisition, the Chairman, Neil Johnson, said: "Cybit now has an established track record of successfully identifying and integrating acquisitions which meet our clear criteria of being earnings enhancing and transformational in terms of extending the Group's breadth and depth of client base. This acquisition is further evidence of our ability to identify turnaround situations where we have already demonstrated success in driving significant growth. Richard Horsman, Chief Executive Officer, added: "This is an excellent acquisition for Cybit. It firmly positions the group as one of the leading European Telematics Service Providers and gives us critical mass in the high-growth mining and exploration sectors where major capital expenditure programmes will underpin demand for our technologies. This acquisition is a further significant milestone in Cybit's development." 16 February 2007 Enquiries: Cybit Tel: 01480 389100 Richard Horsman, Chief Executive Officer College Hill Tel: 020 7457 2020 Carl Franklin Notes to Editors: Cybit Cybit is a leading Internet-based Telematics Service Provider (TSP) and supplier of fleet and asset management solutions to the business-to-business sector. Cybit's solutions portfolio includes vehicle tracking and management, lone worker support and car pool management. Hundreds of companies across a wide range of industries already use Cybit's online solutions to improve the management and control of their fixed and mobile assets. Additional information is available at www.cybit.co.uk The acquisition of Thales Telematics is part of Cybit's continuing strategy to become a major force in global Telematics. In June 2006 Cybit acquired Bluefinger, for #1.6 million, in a deal which added 3,700 vehicles and ships to the group's roster and represented Cybit's entry into the marine Telematics market. Following its integration into Cybit, the Bluefinger business was turned around and has since generated contracts worth more than GBP 1.5 million for the group, with clients including the Ghanaian government and Thales UK. This information is provided by RNS The company news service from the London Stock Exchange END ACQEAKAKFSXXEEE
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