Instem plc Perceptive Instruments Earn Out Payment (8002E)
February 13 2015 - 2:00AM
UK Regulatory
TIDMINS
RNS Number : 8002E
Instem plc
13 February 2015
13 February 2015
Instem plc
("Instem" or the "Company")
Perceptive Instruments Earn Out Payment
Instem plc (AIM: INS), a leading provider of IT solutions to the
global early development healthcare market, announces that it has
paid in full the performance based earn out of GBP300,000 in
respect of the acquisition of Perceptive Instruments Limited
('Perceptive').
Earn Out Payment
As a result of Perceptive achieving all of the specified earn
out targets for the period to 21 November 2014, the Vendors have
been paid the maximum additional consideration of GBP300,000 in
accordance with the Acquisition Agreement.
Background to the Acquisition
Instem acquired Perceptive in November 2013 for a maximum
consideration of GBP1.3m, including the conditional earn out,
marking the Company's entrance into the in vitro R&D
marketplace.
Perceptive is located in Suffolk, UK, and develops, manufactures
and supplies software and hardware products for in vitro study data
collection and study management in the genetic toxicology,
microbiology and immunology markets. Perceptive is the leading
technology provider within its niche market and there are few
competitors active in the space.
Phil Reason, CEO of Instem, said: "The acquisition of Perceptive
has been a success, not only in terms of the financial contribution
the acquisition has made to date, but also in terms of expanding
the Company's offering into the in vitro data collection and study
management in the genetic toxicology, microbiology and immunology
markets. We are looking forward to another strong contribution from
this area in 2015 and beyond."
For further information, please contact:
Instem plc Tel: +44 (0) 1785 825 600
Phil Reason, CEO www.instem.com
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser Tel: +44 (0) 20 7496 3000
& Broker)
Richard Lindley
Nick Owen
Walbrook PR Ltd Tel: +44 (0) 20 7933 8780 or
Paul Cornelius instem@walbrookpr.com
Sam Allen
Nick Rome
About Instem
Instem is a leading supplier of IT applications to the early
development healthcare market, delivering compelling solutionsfor
data collection, management and analysis across the R&D
continuum. Instem applications are in use by customers worldwide,
meeting the rapidly expanding needs of life science and healthcare
organizations for data-driven decision making leading to safer,
more effective products.
Instem's portfolio of software solutions increases client
productivity by automating study-related processes while offering
the unique ability to generate new knowledge through the extraction
and harmonization of actionable scientific information.
Instem supports over 400 clients through full service offices in
the United States, United Kingdom and China with additional
locations in India and a full service distributor based in
Japan.
To learn more about Instem solutions and its mission, please
visit www.instem.com
This information is provided by RNS
The company news service from the London Stock Exchange
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