Acquisition
March 29 2007 - 3:01AM
UK Regulatory
RNS Number:9116T
PROACTIS Holdings PLC
29 March 2007
For immediate release 29 March 2007
PROACTIS Holdings PLC
("PROACTIS", the "Group" or the "Company")
Acquisition of Alito
PROACTIS, the specialist Spend Control software provider, today announces that
it has exchanged contracts to purchase the entire issued share capital of Alito
UK Limited ("Alito"), an e-procurement software solutions company specialising
in the Public Sector, for an initial consideration of #1.5 million. The
consideration will be satisfied in cash.
Alito, based in the South Wales, provides services to a strong customer list in
the public sector totalling 40+ local authorities, including 22 Yorkshire and
Humberside authorities. For the year ended to 28 March 2007, the unaudited
management accounts of Alito had a turnover of #1.0m on which it made an
operating profit of #0.15million; gross assets at that date were #0.2m.
All Alito's existing employees and members of the management team are
transferring to PROACTIS. This includes Alito's founders, Gareth Kempson and
Nicholas Lloyd James.
In addition, and dependent on future financial performance from completion to 31
March 2008, further consideration capped at #1.75m may be paid by way of cash
and shares.
Rod Jones, PROACTIS' Chief Executive Officer commented:
"Alito is another excellent purchase for PROACTIS, fulfilling all our investment
criteria. It has a strong business pipeline, a stable maintenance revenue stream
and a strong customer base which can be incorporated easily to the PROACTIS
solution. Alito is an excellent brand and will enhance our access to the Public
Sector."
- ends -
Enquiries:
PROACTIS 01904 481 999
Rod Jones, Chief Executive
Weber Shandwick Financial 020 7067 0700
Nick Oborne / John Moriarty / James White
Notes to Editors:
PROACTIS creates, sells and maintains specialist software under the brand
PROACTIS P2P, which enables organisations to streamline, control and monitor all
internal and external expenditure, other than payroll. PROACTIS P2P is already
used in over 140 organisations in the UK from the commercial, public and
not-for-profit sectors.
PROACTIS is a profitable, high growth business operating from York. It is a
sales led organisation with a marketing strategy involving a mix of selling
direct and selling through a number of Accredited Channel Partners. PROACTIS
develops all of its own software with its own in-house team of developers.
PROACTIS floated on the AIM market of the London Stock Exchange in June 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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