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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maxima Hldgs | LSE:MXM | London | Ordinary Share | GB00B034R743 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1264K Maxima Holdings PLC 09 October 2006 Embargoed until 0700 9 October 2006 Maxima Holdings plc Acquisition of Cognition Solutions Ltd Maxima (AIM: MXM.L), the IT solutions and managed services company, is pleased to announce the acquisition of Cognition Solutions Limited ("Cognition") for a total consideration of #7.5m. Cognition supplies ERP (Enterprise Resource Planning) software solutions and services to the construction and facilities management sector, and will fit well with Maxima's existing solutions business. The acquisition is in line with Maxima's consolidation strategy within the fragmented IT services market. The Board anticipates that it will be earnings enhancing in the current financial year ending 31 May 2007. Cognition has a customer base of almost 300 organisations which have bought solutions based on the "Intellect" product developed, owned and exclusively sold and supported by Cognition. These clients range from major organisations such as Alfred McAlpine Business Services Ltd, The Murphy Group and Accord plc to smaller construction companies and local authorities. 19 new customers have been won in the last year. Functionality has been continually enhanced to meet the evolving needs of the client base; for example, Intellect recently became the first product to be approved by HMRC for use with its new CIS (Construction Industry Scheme) reforms. Features include accounts, costing, payroll and management information systems, as well as specialist modules for plant hire, maintenance management, property management and mobile data solutions. For the year ending 30 June 2006, Cognition had revenues of #4.7m, 49% of which derived from recurring support contracts, and achieved profit before tax of #1.2m. Net assets at the year end were #1.9m. At completion, Cognition had cash balances of #3.3m. Based in Manchester and Cheltenham with 47 employees, Cognition will be immediately integrated with Maxima's existing solutions business. Whilst delivering cost savings, this integration will also create cross-selling opportunities, for instance for Maxima's existing document management solutions. Mark Ashwell and Michael Riley, the current Directors of Cognition, will continue as consultants to Maxima. The #7.5m consideration will be satisfied by a cash payment of #5.2m and the issue of 1,365,612 new ordinary shares in Maxima ("Consideration Shares"). There is no earn-out. Funding for the purchase will come from debt under existing facilities with Barclays Bank plc. Maxima will apply to AIM for admission of the 1,365,612 Consideration Shares, which is expected to become effective on 13 October 2006. The vendors have agreed not to sell the Consideration Shares without the prior approval of the Company's broker, Seymour Pierce, for at least 12 months from the date of completion of the acquisition. On Admission, the Consideration Shares will rank, save for the payment on 30 October of the 2.5p final dividend, pari passu with the existing ordinary shares. Kelvin Harrison, Maxima's Chief Executive said: "I am delighted to announce the acquisition of Cognition and to welcome the team into Maxima. Cognition is a leading supplier to the construction and facilities management sector. Construction is a #80bn industry representing about 9% of UK GDP and employing about 1.6m people and continues to be very buoyant, with major public sector and PPP investment in infrastructure such as the 2012 Olympics, hospitals, as well as healthy levels of activity in commercial property and house building. Many construction companies are migrating their business models to embrace facilities management and the prospects for Cognition are excellent." Mark Ashwell and Michael Riley, the Directors of Cognition said: "We have found in the Maxima management team a very clear focus on the factors that lead to success in the IT solutions business, and are confident that Cognition will continue to grow as part of the Maxima group." For further information, please contact: Maxima Kelvin Harrison, Chief Executive 01242 211 211 Linda Andrews, Group Finance Director 0141 880 1000 Seymour Pierce 020 7107 8000 Mark Percy/John Depasquale Smithfield 020 7903 0676 Sara Musgrave/Tania Wild Notes to editors: Maxima Holdings plc floated on AIM on 24 November 2004 at an issue price of 110p. It was established to acquire businesses supplying IT solutions and services, with the objective of building a focused IT services group. On flotation it immediately acquired Azur Holdings Ltd, bringing together a management team with the skill, experience and incentive to deliver significant shareholder value, through a combination of acquisitive and organic growth. The business implements and supports enterprise software solutions for mid-sized, UK-based manufacturing, distribution and service organisations. These solutions are based upon leading software suites (better list below) as well as products developed in-house. It has since made a further four acquisitions: *August 2005 - Ringwood Group plc, a specialist in content and document management solutions, based on Microsoft technologies; *September 2005 - Hanston Technology Partners Ltd, a fast growing managed services business providing applications support and consultancy services to Oracle users; *January 2006 - The MFG/PRO business of Seabrook Research Ltd, the sole Irish distributor of MFG/PRO, a manufacturing package for which Maxima was already the sole UK distributor; and *May 2006 - QED Business Systems Ltd, which provides managed services for critical mainframe and mid-range computer systems and applications software. The acquisition of Cognition is Maxima's sixth acquisition since flotation. Maxima has grown to become an IT systems integration and managed services company with a proven track record of delivering innovative and flexible IT solutions and services. Maxima's in-depth knowledge of industry and business, coupled with its skills and understanding of leading software suites such as Oracle, Microsoft and SAP ensures its solutions and services deliver real business benefits. The group prides itself on the quality of its service which lead to strong customer relationships and high retention rates. This information is provided by RNS The company news service from the London Stock Exchange END ACQMFBRTMMBMBBF
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