Acquisition
28/10/2010 7:00am
UK Regulatory
TIDMINNO
28 October 2010
INNOVISE PLC
("Innovise" or the "Company")
Innovise acquires software division of Expolink Europe Ltd
Innovise plc, the AIM-quoted software solutions and IT services provider, is
pleased to announce that it has agreed to acquire the software division of
Expolink Europe Ltd for a total consideration of GBP810,000 in cash assuming zero
net assets on completion.
Based in Chippenham, Wiltshire, Expolink Software was founded over 10 years ago
and competes with Innovise in the facilities management, transport and NHS
markets. The division has a portfolio of products led by its Maximiser solution
for quality monitoring and is a specialist in applications using mobile devices
for data collection.
Mike Taylor, CEO of Innovise, said: "Expolink Software has been a highly
respected and successful competitor for many years, with a large and loyal
customer base, excellent products and a great team. I am delighted that we will
be able to combine the products and talent within our businesses to better
serve our joint customer base. I am confident the expanded business will enable
us to generate sustainable long-term growth through continued innovation in our
chosen niche markets."
David Crook, Chairman of Expolink Europe , said: "Our software division has
grown steadily over the years but has reached a stage where more focus is
required to fulfil its potential. I am delighted to see the business move
forward under Innovise's ownership and have every confidence in its future
success."
For the year to April 2010, Expolink's software division reported sales of
almost GBP900,000. Innovise will fund the acquisition through a GBP500,000 loan
note and operational cash flow. The Board of Innovise expect the acquisition to
be at least earnings neutral in the current financial year and earnings
enhancing thereafter.
Completion of the acquisition is expected to take place on or before 10
November 2010.
In addition to its software division, Expolink Europe Ltd has call centre and
whistleblowing hotline businesses which are not part of this transaction.
For further information contact:
Mike Taylor
Chief Executive, Innovise plc 087 0626 0400
Tony Edwards
Finance Director, Innovise plc 0870626 0400
Edward Hutton
Nominated Adviser, Astaire Securities Plc 020 7492 4750
Ian Foster
Shareholder Relations, Wordsworth Communication Ltd 077 3918 5050
END