RapidCloud International PLC Completion of Acquisition and Contract Wins (2384P)

TIDMRCI

RNS Number : 2384P

RapidCloud International PLC

15 August 2014

RapidCloud International Plc

("RapidCloud", the "Company" or the "Group")

Completion of acquisition of Exxelnet Solutions Pte. Ltd.

and Contract Wins

RapidCloud International plc (AIM: RCI), the Southeast Asia based software solutions provider offering subscription services through all segments of cloud computing, announces that on 15 August 2014 it completed the acquisition of Exxelnet Solutions Pte. Ltd ("Exxelnet"), further details of which were announced on 23 July 2014. RapidCloud also announces a number of contract wins.

Completion of acquisition

Exxelnet is a Singaporean web development firm and the acquisition will further expand the Company's geographic footprint, enabling the fast track launch of RapidCloud's services into Singapore, the world's fourth largest financial centre. In addition, RapidCloud will be able to leverage Exxelnet's Search Engine Optimisation (SEO) and Search Engine Marketing (SEM) solutions, to be offered across its offices in Singapore, Malaysia, Thailand, Indonesia and the Philippines. As such, RapidCloud will now be able to offer complete end-to-end solutions to enterprises including infrastructure hosting, back-end software applications, front-end design and Internet marketing.

The acquisition also brings with it a talented team of software engineers, particularly in the field of web search engines, which includes former Google employees. The acquisition is also expected to be earnings enhancing.

Contract wins

RapidCloud is also pleased to announce that it has signed a contract with the registrar of companies for a country in Southeast Asia. RapidCloud is contracted to provide a scalable, high availability cloud environment to the client including managed cloud services .

The Company has also contracted with the courier division of a leading budget airline provide cloud hosting and managed services. RapidCloud will also provide the client with website design services, including the provision of an online airway bill tracking system and accompanying mobile application.

Managing Director and Founder, Raymond Chee commented: "We are delighted to have completed the acquisition of Exxelnet which is now unconditional and provides us with a profitable business in a key strategic territory. Exxelnet is an excellent fit with our existing business and we are confident that the combined Group will benefit greatly from cross-selling and up-selling opportunities.

"In addition, we are pleased to have signed the contracts mentioned above which further demonstrate that we are moving up the value chain and are gaining traction in significant new markets including the public sector."

-Ends-

For further information, please visit www.rapidcloudasia.com or contact:

 
 RapidCloud International Plc                                           investorqueries@rapidcloudasia.com 
  Raymond Chee, Managing Director 
  David Cotterell, Chairman 
-----------------------------------  --------------------------------------------------------------------- 
 Allenby Capital, Nominated Adviser                                               Tel: +44 (0)20 3328 5656 
  and Broker 
  Alex Price 
  Jeremy Porter 
  Chris Crawford 
-----------------------------------  --------------------------------------------------------------------- 
 Walbrook, Financial PR and IR                                                     Tel: 44 (0)20 7933 8792 
  Bob Huxford                                                                    rapidcloud@walbrookpr.com 
  Guy McDougall 
-----------------------------------  ---------------------------------------------------------------------

About RapidCloud

RapidCloud, one of the few integrated subscription-based computing solutions providers in Malaysia that offers its services through all three currently available segments of cloud computing. The Company is based in Southeast Asia and is one of the few solutions providers in the region to deliver its offerings through all three available Cloud Computing segments, i.e. Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service.

Formed in 1999 the Company has a well-established cloud offering with a customer base of c. 38,000. These are predominantly SMEs but also include blue-chip clients such as Deloitte, BAE Systems and Canon, for which RapidCloud's extensive R&D department creates bespoke software solutions.

RapidCloud currently has operations in Malaysia, Thailand, Philippines and Indonesia. According to industry research commissioned by RapidCloud from Frost & Sullivan in 2013, the Cloud Computing industry in Asia Pacific is expected to grow at a CAGR of 49.6% between 2013 and 2015, giving a market size of US45.6 billion by 2015.

RapidCloud International plc was admitted to AIM on 14 August 2013.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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