TIDMACSO
RNS Number : 1373X
Accesso Technology Group PLC
24 April 2023
24 April 2023
accesso Technology Group plc
("accesso" or the "Group")
Acquisition of Paradocs
New addition supports commitment to capitalize on significant
growth opportunity in ski sector
Acquisition expands global customer base, adds new cutting-edge
technology and extends the Group's leading ski market position
The Board of accesso Technology Group plc (AIM: ACSO), the
premier technology solutions provider for attractions and venues
worldwide, is pleased to announce the acquisition of Paradocs
Mountain Software ("Paradocs"): a leading Canadian-based provider
of cutting-edge software solutions specifically tailored to the
unique needs of ski industry (the "Acquisition"). The Acquisition
is pursuant to the terms of an equity purchase agreement entered
into on 21 April 2023 (the "Acquisition Agreement").
Paradocs was established in 2001 to help ski resort operators
optimize the mountain experience for their visitors. The hosted,
all-in-one mountain management solution, MtnOS (SM) - now branded
accesso Paradox(SM) - is considered one of the most comprehensive
and contemporary ski-specific operating systems on the market,
currently leveraged by 48 Canadian and 2 U.S. resorts to optimize
operations and enhance the overall visitor experience. The flexible
hosted solution empowers ski areas to take full control of their
operations - across ticketing and passes, snow school, retail,
equipment rental, food & beverage, administration, and online
sales - in one, unified platform.
Acquisition Highlights
The Directors believe that the Acquisition will be earnings
accretive in the current FY 2023 financial year and:
-- Provide accesso with a proven, hosted solution for the ski
sector - a key strategic growth target for the Group;
-- Further solidify our position as the key technology solutions
provider to the ski industry, with the addition of 50 ski resorts -
bringing the Group's total ski customer base to 153 resorts across
North America and offering a clear migration path for existing
accesso Siriusware(SM) ski resort customers looking to transition
to a fully hosted solution;
-- Deliver measurable growth in eCommerce revenue as the Group
improves and expands upon Paradocs' existing online booking
module;
-- Further enrich our industry expertise with the addition of 38
new team members with a tremendous passion for ski and snow
sports;
-- Create strategic opportunity for cross-sell with other accesso solutions.
Terms of the Acquisition Agreement
accesso agreed to acquire the equity of Paradocs from the
founder and management team at Paradocs for a total consideration
of $10m comprised of $9m in cash and $1m in accesso shares. A total
of 117,636 shares will be issued in connection with the Acquisition
in four equal tranches, commencing in October 2023, with the
remaining three tranches payable at six-month intervals thereafter
through to April 2025 and contingent upon founder transition
support during the issuance period. The cash consideration was
funded through the Group's existing strong cash reserves.
Financial Information
For the fiscal year ending 31 August 2022, Paradocs reported
revenues of CAD$2.34m, an increase of 35.8% over FY 2021, with a
gross margin of 93.5% and net income margin of 16.6%. Recurring
revenues accounted for 62.7% of total reported revenue. In the
accesso group, Paradocs' results will be reported under IFRS.
Commenting on the Acquisition, Steve Brown, Chief Executive
Officer of accesso said:
"Accesso is passionate about serving the ski industry, and
incorporating Paradocs' specific expertise and experience into our
offering is a powerful step forward in addressing the unique and
evolving technology demands of the burgeoning ski market. Adding
this contemporary and powerful solution to our offering supports
Accesso's long-standing commitment to serving as the industry's
premier ski solutions provider."
Nicolas Dubé, Founder and Chief Executive Officer of Paradocs
added:
"We are thrilled to join forces with Accesso - a truly
like-minded innovator that shares Paradocs' dedication to ski and
snow sports with a customer-first approach. Our team at Paradocs is
excited to play an expanded role in the overall advancement of our
beloved industry, and we look forward to continued success with
Accesso."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon this announcement's
publication, this inside information is now considered in the
public domain.
For further information, please contact:
+44 (0)118 934
accesso Technology Group plc 7400
Steve Brown, Chief Executive Officer
Fern MacDonald, Chief Financial Officer
Numis Securities Limited (Nominated Adviser +44 (0)20 7260
and Sole Broker) 1000
Simon Willis, Hugo Rubinstein
+44 (0)20 3727
FTI Consulting, LLP 1000
Matt Dixon, Emma Hall, Jamille Smith
About accesso Technology Group plc
accesso is the leading global provider of patented and
award-winning technology solutions that redefine the guest
experience, drive increased revenue, streamline operations, and
support data-driven business decisions for leisure &
entertainment operators. Currently serving over 1,000 venues in 29
countries, accesso invests heavily in research and development to
provide venues with technology that empowers them to deliver
unforgettable guest experiences. Staffed by a team of attractions,
cultural venue and ski industry veterans, accesso partners with
venues to increase their range of on- and off-site guest engagement
to drive increased revenue through intuitive ticketing,
point-of-sale, virtual queuing, distribution, and experience
management technology.
accesso is a public company, listed on AIM: a market operated by
the London Stock Exchange. Learn more at accesso.com or follow
accesso on Twitter , LinkedIn and Facebook .
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