SQS Software Quality Systems AG Completion of acquisition of Trissential LLC (1945P)
June 04 2015 - 2:13AM
UK Regulatory
TIDMSQS
RNS Number : 1945P
SQS Software Quality Systems AG
04 June 2015
4 June 2015
SQS Software Quality Systems AG
("SQS" or the "Company")
Completion of acquisition of Trissential LLC ("Trissential")
SQS Software Quality Systems AG (AIM:SQS.L), the world's largest
specialist supplier of software quality services, announces that,
further to its announcement of 30 April 2015, the Company has
completed the acquisition of the entire issued share capital of
Trissential (the "Acquisition").
Trissential is a leading IT project, programme and portfolio
management consultancy in the Mid-West region of the United States
("US"), with a presence in Minneapolis, Milwaukee and Chicago.
Trissential operates across four principal sectors, with a strong
alignment to SQS's existing strength in manufacturing, while adding
significant expertise in retail, energy and healthcare.
The Acquisition provides SQS with a substantial and stable
revenue platform, supporting SQS's strategy of diversifying its
geographic revenue split by materially enhancing its operations in
the US.
The Acquisition consideration, as announced on 30 April 2015, is
being satisfied through a combination of existing cash, a new
credit facility and new SQS shares. Pursuant to the terms of the
Acquisition, SQS has paid the vendors of Trissential the cash
component of the initial consideration of $11 million, funded from
existing cash and the new credit facility.
The share component of the initial consideration comprising
737,804 new Ordinary Shares (the "Initial Consideration Shares"),
equating to $6.7 million, are to be issued in line with German law
following approval from the relevant body. An announcement will be
made on issue and it is expected the issue of these Initial
Consideration Shares will occur in the coming weeks.
As announced on 30 April 2015, a further $3 million of
consideration will be payable, subject to any indemnity claims, in
SQS shares, based on the Reference Share Price, between 18 and 24
months from this date, being the completion date of the
Acquisition, and an earn-out consideration of up to $10 million,
payable subject to the achievement of certain performance-related
targets over next three years.
Enquiries:
SQS Software Quality Systems AG Tel. +49 (0) 2203
91 54 0
Diederik Vos, Chief Executive
Officer
Rene Gawron, Chief Financial Officer
Canaccord Genuity - Nomad and Tel +44 (0) 20
Joint Broker 7523 8000
Simon Bridges / Peter Stewart
/ Emma Gabriel
Westhouse Securities - Joint Broker Tel. +44 (0) 20
7601 6100
Robert Finlay / Antonio Bossi
Walbrook PR - Financial Media Tel. +44 (0)20
and Investor Relations 7933 8780
Paul Cornelius / Sam Allen / Nick sqs@walbrookpr.com
Rome
About SQS
SQS is the world's leading specialist in software quality. This
position stems from over 30 years of successful consultancy
operations. SQS consultants provide solutions for all aspects of
quality throughout the whole software product lifecycle driven by a
standardised methodology, offshore automation processes and deep
domain knowledge in various industries. Headquartered in Cologne,
Germany, the company now employs approximately 4,200 staff. SQS has
offices in Germany, UK, US, Australia, Austria, Egypt, Finland,
France, India, Ireland, Italy, Malaysia, the Netherlands, Norway,
Singapore, South Africa, Sweden, Switzerland and UAE. In addition,
SQS maintains a minority stake in a company in Portugal. In 2014,
SQS generated revenues of EUR268.5 million.
SQS is the first German company to have a primary listing on
AIM, a market operated by the London Stock Exchange. In addition,
SQS shares are also traded on the German Stock Exchange in
Frankfurt am Main.
With over 7,000 completed projects under its belt, SQS has a
strong client base, including half of the DAX 30, nearly a third of
the STOXX 50 and 20 per cent of the FTSE 100 companies. These
include, among others, Allianz, Beazley, BP, Centrica, Commerzbank,
Daimler, Deutsche Post, Generali, JP Morgan, Meteor, Reuters, UBS
and Volkswagen as well as other companies from the six key
industries on which SQS is focused.
For more information, see www.sqs.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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