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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Northgte.Inf. | LSE:NIS | London | Ordinary Share | GB0005583728 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6334R Northgate Information Solutions PLC 04 November 2003 Immediate Release Northgate Information Solutions plc ("Northgate" or "Company") Acquisition of PWA Group Limited Northgate Information Solutions plc (NIS LN) "Northgate", a leading supplier of software applications and outsourcing solutions to the human resources, public sector and corporate markets, today announces the acquisition of PWA Group Limited ("PWA") from Great Plains Software, Inc, a Microsoft subsidiary, for #2.5 million payable in cash. As part of the acquisition, Northgate will acquire #1.7 million of net liabilities comprising mainly deferred maintenance income. PWA's business comprises a suite of leading HR software applications, under the brand Empower. Based in Reading, Holborn and Knutsford, PWA has a client base of over 750 customers. PWA employs approximately 65 people, although, as part of the acquisition agreement, a small number will remain with Microsoft. For the twelve months to June 2003, PWA generated revenues of #7.1 million and made a EBITA loss of #0.4 million. Operating profits in the first quarter of 2004 were broadly break even as a result of cost-cutting measures undertaken by PWA's existing management. Northgate expects this acquisition to be earnings enhancing in the first full year of ownership, before amortisation of goodwill and exceptional items. The acquisition of PWA further strengthens Northgate's overall market position, widening its HR software offer into the SME market. PWA's customer base will generate additional cross selling opportunities for Northgate's integrated personnel and payroll software ResourceLink and will offer limited synergies through the reduction of certain duplicated central functions. The PWA transaction complements Northgate's acquisition of Prolog Business Solutions in 2002, which brought us a strong position in the SME payroll market and which has already been integrated successfully within Northgate's HR division. It will also further complement the position created by the acquisition of Carapeople, completed in June 2003 and which is being integrated in line with management expectations. Chris Stone, Chief Executive of Northgate, commented: "I am delighted to announce the acquisition of PWA, a welcome addition to our already comprehensive Human Resource offer. PWA is an excellent fit within our existing HR business. Together Empower and ResourceLink complement our earlier acquisitions of Prolog and Carapeople, enabling Northgate to offer a comprehensive HR software and payroll proposition to the market. Overall we now provide HR software and services to over 1,500 UK and Irish clients" ENDS Contacts Northgate Information Solutions plc Sandy Halse 01442 273000 Brunswick Group Tom Buchanan / Conor McClafferty 020 7404 5959 Notes to Editors About Northgate Information Solutions (www.northgate-is.com) Northgate Information Solutions is a leading supplier of software applications and outsourcing solutions to the public sector, human resources and corporate markets. Headquartered in Hemel Hempstead, Northgate employs 1,200 staff and has approximately 1,500 customers across the UK and Ireland. Northgate works closely with many corporate organisations, as well as approximately 30% of the UK's local authorities, and all of its police forces. Northgate's focus is on fully understanding application-specific processes, enabling organisations to increase their business process efficiency. Equally, Northgate manages customers' key systems, providing a broad range of outsourced solutions - available at client sites or hosted at its own secure data centre. Northgate Information Solutions plc is listed on the London Stock Exchange. For further information visit the Northgate Information Solutions Portal at www.northgate-is.com. -------------------------- This information is provided by RNS The company news service from the London Stock Exchange END ACQGGMGMNDMGFZG
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