Acquisition (8753X)

TIDMIDOX

RNS Number : 8753X

IDOX PLC

14 December 2010

IDOX plc

Acquisition of McLaren Software Group

IDOX plc (AIM: IDOX, 'IDOX' or the 'Company'), a leading independent supplier of software and services to the UK public sector, has acquired McLaren Software Group Limited (McLaren) for GBP1.0m in cash.

McLaren is a leading supplier of engineering document management and control applications serving many leading international companies in industries including oil & gas, mining, utilities, pharmaceuticals and transportation.

McLaren had revenues of GBP6.4m for the year ended 31 December 2009, with an operating profit of GBP0.4m and a loss before taxation of GBP1m resulting from the pre-acquisition capital structure. Net liabilities at completion are expected to be GBP1.3m.

The acquisition of McLaren extends IDOX's core skills in planning and building documents management into the related area of engineering drawings. This will provide IDOX with the opportunity of broadening its activities into complementary UK and international markets in both the private and public sector, particularly where the management of complex engineering systems interacts with regulatory oversight.

Richard Kellett-Clarke, IDOX CEO said:

"The acquisition of McLaren adds valuable new products and markets to the IDOX Group.

The McLaren team have built an impressive installed base and a world-class reputation for engineering document management applications.

"As part of the IDOX Group, McLaren will benefit from additional resources and complementary technical and marketing skills that will enable it to maximise opportunities in the specialised markets it serves."

Enquiries:

 
 IDOX plc                                   +44 (0) 20 7332 6000 
 Richard Kellett-Clarke, Chief Executive 
 William Edmondson, Chief Financial 
  Officer 
 
 Investec Investment Banking                +44 (0) 20 7597 5104 
 Andrew Pinder 
 Cara Griffiths 
 
 finnCap                                    +44 (0) 20 7600 1658 
 Charles Cunningham (Corporate Finance) 
 Stephen Norcross (Corporate Broking) 
 
 College Hill                               +44 (0) 20 7457 2020 
 Adrian Duffield 
 Carl Franklin

About IDOX plc

IDOX plc is a supplier of software solutions and services principally to the UK public sector and the leading applications provider to local government for core functions relating to land, people and property through its UNI-form, Plantech and IDOX product range.

The Group gives organisations the tools to manage information and knowledge, documents and content, business processes and workflow as well as connecting directly via the web.

It also supplies decision support content and additional specialist services via the IDOX Information Solutions business, as well as transforming approaches to knowledge and content management via consultancy and training. In addition it provides these specialist skills to customers through its TFPL branded recruitment division.

For more information see www.idoxplc.com

About McLaren Software

McLaren Software provides Engineering Document Management Applications for Owner Operators in asset intensive industries including Oil & Gas, Utilities, Life Sciences and Natural Resources. McLaren customers operate in highly regulated industries where the need for access to validated engineering documents and drawings is essential for the efficient, safe and compliant operation of a plant or facility.

Enterprise Engineer supports each stage of an asset lifecycle from FEED (Front End Engineering Design) capital projects, to handover / turnover, maintenance, repair, operations and the management of change. Industry best practice processes ensure consistent engineering document management processes are followed across all design, project and operations teams of a single project or plant or facility to multiple operations.

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQEAXADFLKEFFF

Idox (LSE:IDOX)
Historical Stock Chart
From Sep 2024 to Oct 2024