PROACTIS Holdings PLC Completion of acquisition (6444I)
June 03 2014 - 2:00AM
UK Regulatory
TIDMPHD
RNS Number : 6444I
PROACTIS Holdings PLC
03 June 2014
Date: 3 June 2014
On behalf of: PROACTIS Holdings PLC ("PROACTIS" the "Company"
or "the Group")
Embargoed until: 0700hrs
PROACTIS Holdings PLC
Completion of acquisition
Further to the announcement on 29 April 2014, PROACTIS Holdings
PLC ("PROACTIS", the "Company" or "the Group), the specialist Spend
Control solution provider, is pleased to announce that the
acquisition of Intesource Inc ("Intesource") has completed.
As described in the announcement on 29 April 2014, 362,518
ordinary shares of 10 pence each in the capital of the Company
("Ordinary Shares") have been issued and allotted to certain key
employees of Intesource to settle Intesource's bonus obligations to
them. These Ordinary shares will be subject to lock-in conditions
over a period of one year from completion.
Application has been made for the 362,518 new Ordinary Shares to
be admitted to trading on AIM ("Admission") and dealings are
expected to commence at 8.00 a.m. on 5 June 2014. The new Ordinary
Shares will rank pari passu with the Company's existing Ordinary
Shares.
The total number of Ordinary Shares in issue following Admission
will be 38,211,326. There are 63,777 Ordinary Shares held in
Treasury. Accordingly, the figure of 38,147,549 may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company under the FCA's
Disclosure and Transparency Rules.
Rod Jones, CEO commented:
"I am very pleased to announce the completion of the Intesource
acquisition. It provides the Company with increased scale,
profitability and a substantial footprint in the US Market. In
addition, it will bring over 25 new clients and significant scope
for cross selling opportunities.
"The reverse e-auction offering, delivered as true SAAS, is
complementary to the Group's current service and software suite and
bolsters the Group's existing strong offering. We look forward to
continuing to update the market with our progress and delivering
excellent service to our customers."
Enquiries:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Officer Via Redleaf Polhill
Tim Sykes, Chief Financial Officer
Redleaf Polhill
Rebecca Sanders-Hewett
Jenny Bahr
Rachael Brown 0207 382 4730
finnCap Limited
Stuart Andrews
Charlotte Stranner 0207 220 0500
Notes to Editors:
PROACTIS creates, sells and maintains specialist software which
enables organisations to streamline, control and monitor all
internal and external expenditure, other than payroll. PROACTIS is
used in over 400 organisations around the world from the
commercial, public and not-for-profit sectors.
PROACTIS is head quartered in Wetherby, West Yorkshire. It
develops its own software using an in-house team of developers and
sells through both direct and indirect channels via a number of
Accredited Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange
in June 2006.
CLOUD COMPUTING is defined as location-independent computing,
whereby shared servers provide resources, software, and data to
computers and other devices on demand, as with the electricity
grid.
Information on Intesource
Intesource is an established provider of e-auction services
(using its own proprietary service delivery know-how and software
platform) and has more than 25 contracted clients delivering over
$4.5 million of recurring annual income profitably. The service
offering was recognised by Gartner which classified Intesource as a
"cool vendor" list in its report during May 2013.
The Directors believe that the Acquisition will provide further
scale and profitability and offers strong opportunities to
cross-sell its own complementary product suite. In addition,
operational savings are expected through the consolidation of
elements of its existing operations in the United States.
Intesource's current e-auction service delivery know-how and the
software platform significantly bolsters PROACTIS's offering, by
accelerating the service offering to clients and saving forward
development costs.
Customers of both PROACTIS and Intesource can look forward to
the delivery of broadened services and solutions to support
operations, enhance procurement effectiveness and extend
collaboration with suppliers. In addition, Intesource's customers
will now have access to truly "end-to-end" procurement solutions
from the PROACTIS Group.
For the year ended 31 December 2013, the audited accounts of
Intesource showed turnover of $5,026,000 on which it made an
operating profit of $610,000. Gross assets at that date were
$2,889,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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