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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:2499R CybIT Holdings PLC 01 April 2008 CYBIT HOLDINGS PLC ACQUISITION Cybit Holdings Plc, ("Cybit") one of Europe's leading online Telematics service providers, today announces the acquisition of Truck24 AG, a German telematics operator in the Logistics sector for a consideration of Euro0.75 million, together with repayment of debt of Euro3.25 million. Truck24 is based near Munich and is one of the leading Telematics Service Providers to the German and German speaking HGV and logistics sectors. The company has approximately 175 customers representing 3,000 vehicles installed across fleets based in Germany, Austria and Switzerland. The solution that Truck24 provides will strengthen Cybit's position in the logistics and distribution market in that it addresses core tracking, order management, navigation and operational performance needs of this sector. On completion of the acquisition all 19 staff will transfer with the business. The consideration and debt will be satisfied by the payment of a cash payment of Euro1.8m million, the issue of 3,580,000 new shares in Cybit and the issue of 797,032 Warrants over Cybit shares at a strike price of 49 pence. Consequently, application has been made to the London Stock Exchange for the new ordinary shares to be admitted to AIM and it is expected that admission will take place on 1st April 2008. The vendors have agreed not to sell these shares for a period of 6 months from admission. The new ordinary shares will rank pari passu with the existing shares of the Company. Following the allotment, the total issued share capital of the Company has increased to 27,451,768 ordinary shares. This figure of 27,451,768 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. For the last audited period ending December 31st 2006 Truck24 achieved revenue of Euro4.23 million, gross profit of Euro1.84m, EBITDA of Euro460k and EBIT of Euro286k. Net assets immediately following acquisition were approximately Euro1m and the business has carry forward losses in excess of Euro5.5m The acquisition of Truck24 will add circa 3,300 units and 200 customers to the existing Cybit installed base and will create a European business with circa 45,000 vehicles under management across 1,700 customers, thereby further cementing Cybit's position as one of Europe's leading Telematics Service Providers. The acquisition will also accelerate growth in a strategic market already identified by Cybit as offering significant growth opportunities for the Group. In addition, Truck24 have established resellers in Switzerland and Austria to increase market coverage. Cybit will also benefit from economies of scale achieved by the combined business within the German market. As a result of the acquisition, Cybit will consolidate its existing German operations into the Truck24 infrastructure. The current Truck24 CEO intends to transfer with the business and will strengthen the International management team. From a product and market perspective, Truck24 has specific expertise in the logistics sector which will both add value to the expanded Group and accelerate Cybit's ability to deliver key functionality such as digital tachograph and CANBUS integration. Richard Horsman, Chief Executive of Cybit commented, " This is an important acquisition for Cybit, that significantly extends our presence in Germany and other German speaking markets. Truck24 is an established business with a recognized brand that will fit well with our existing operations. The market is very attractive as it has the largest vehicle population in Europe with over 50 million vehicles in operation. " Telematics awareness amongst HGV operators is high due the implementation of a toll collection system on German motorways in January 2005. This initiative involved the installation of approximately 450,000 telematics based on-board units on trucks in order to automate the collection of toll charges. " We are committed to growing the scale of Cybit through both acquisitions and organic growth. The market remains extremely fragmented with no clear leader and we are focused on creating a group with scale and a broad base of operations across key strategic markets. This is now our third sizeable acquisition in little over a year. We have a successful track record of delivering shareholder value through identification of suitable targets and quickly integrating them into the Group. Cybit has now reached a level of critical mass where the consolidation of similar businesses can make a significant contribution to both top line and bottom line growth." -ends- Date: 1st April 2008 For further information please contact: Cybit Holdings Plc City Profile Cenkos Securities plc Richard Horsman, Chief Executive Simon Courtenay Stephen Keys Kevin Lawrence, Finance Director William Atwell Tel: 020-7397-8926 Tel: 01480-389100 Tel: 020-7448-3244 About Cybit: Cybit, a global force in Telematics operates within three core sectors: Internet-based vehicle Telematics solutions; Economic Exclusion Zone (EEZ) Management; and Private Mobile Radio (PMR) based asset tracking and precise positioning solutions. In the vehicle Telematics sector, Cybit is one of Europe's leading Telematics Service Providers (TSPs). More than 1,700 business to business clients use our fleet and asset management solutions to manage in the region of 45,000 assets. Solutions include in-vehicle technologies, work flow management and internet-based monitoring and reporting software. The company also provides consulting services to advise on legal issues such as duty of care and working hours. Their PMR business, Cybit Positioning Solutions, provides asset-tracking solutions for both maritime and land-based applications including exploration and mining. Its precise positioning solutions assist in the location and exploitation of oil, gas and mineral reserves around the globe. This information is provided by RNS The company news service from the London Stock Exchange END ACQEAFDFDEAPEAE
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