RNS Number:0002F
CybIT Holdings PLC
12 December 2002

12 December 2002

                               CYBIT HOLDINGS PLC

                CYBIT ENTERS EUROPE WITH ACQUISITION OF DRIVE-IT


Cybit Holdings plc ("Cybit"), one of the UK's fastest growing providers of fleet
management and telematics solutions, today announced the acquisition of Drive-IT
Systems AB ("Drive-IT"), a Swedish based vehicle management and carsharing
solutions business. The acquisition marks a major development for Cybit as its
first entry point into the European marketplace.

Drive-IT and Cybit will benefit from a range of synergies as the Swedish
business becomes part of Cybit's wide range of open telematics solutions.
Drive-IT's experience in the field of internet booking systems, access control
and in-vehicle integration will help to extend the reach of Cybit's current
solutions. In addition the acquisition will also provide new opportunities for
Cybit to begin marketing its existing telematics solutions more widely into
other parts of Europe.

Drive-IT offers an automated end-to-end solution for vehicle management and
carsharing. End users are able to take advantage of a complete solution to book
cars either via the internet or directly in the car. Customers range from
traditional carpool organisations, corporate car pools, authorities, municipals
and transportation companies. Its solutions are being used across Europe
including in Germany, Sweden, Norway and the UK.

According to Drive-IT's own estimates the market for their range of solutions is
estimated to exceed 5 billion Euro per year by 2009. In addition the use of car
pools on their own is set to grow dramatically throughout Europe in the next few
years with over 2.8 million vehicles belonging to car pools by 2009.

Drive-IT was founded in 1999. The company manufacturers its own in vehicle
hardware and has developed in vehicle software, a central booking and
administration system and a communication gateway.

Richard Horsman, Chief Executive of Cybit, commented on the acquisition:

"Today's announcement is an important step forward for Cybit. As well as our
first step into Europe, it extends the reach of our solutions portfolio into an
exciting new area. With an increasing focus on green issues and congestion
management, the market potential for Drive-IT solutions is enormous and we are
all excited about the opportunities that this acquisition brings."


                                    -ends -

For more information please contact:
Jonathon Brill/Billy Clegg
Bell Pottinger Financial                              Tel: 020 7861 3232


Notes to Editors:

Cybit is a leading provider of fleet management and telematics solutions,
delivering a full range of Internet-based software and support services to
private motorists, vehicle fleet managers and commercial haulage operators.
Cybit operates a number of telematics platforms, from end-to-end OEM solutions
to its own generic platform, providing satellite tracking of mobile assets via
street-level digital maps. This enables Cybit operators to obtain data and
deliver services or assistance via wireless networks for safety critical events,
accident or breakdown, as well as providing support if a vehicle is stolen, or a
driver is late or lost. By facilitating the processing of this information for
financial management purposes, Cybit then frees users up to promote best use of
existing resources.

Additional information about Cybit Holdings plc is available at http://
www.Cybit.co.uk.

For more information about Cybit's technology solutions, please contact Philip
Szomszor at IBA Europe on 01780 721433.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQEANAFFSEAFFE
Cybit (LSE:CYH)
Historical Stock Chart
From Sep 2024 to Oct 2024 Click Here for more Cybit Charts.
Cybit (LSE:CYH)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Cybit Charts.