Acquisition
July 23 2010 - 2:00AM
UK Regulatory
TIDMDGB
RNS Number : 8033P
Digital Barriers plc
23 July 2010
23 July 2010
Digital Barriers plc
Acquisition of Overtis Solutions
The Board of Digital Barriers plc ("Digital Barriers" or the "Company"), the
specialist provider of products and services to the homeland security market,
today announces the acquisition of the business and assets of the Solutions
division of Overtis Group Limited ("Overtis Solutions") for GBP3.20 million in
cash (the "Acquisition").
Overtis Solutions is a UK-based specialist provider of integrated security
solutions used in the protection of high value physical, human and information
assets on a global basis held by high risk government departments, public sector
bodies and major corporations.
Rationale for the Acquisition
At present, one of the most significant threats to UK security comes not from
state-to-state conflict, but from international and domestic terrorism.
Potential target locations range from crowded public spaces to high-profile
individual and geographic targets, as well as parts of the country's critical
national infrastructure. Each of these assets requires highly sophisticated
means of protection if they are to be adequately safeguarded.
Overtis Solutions is considered by Digital Barriers to be highly complementary
to the activities of Security Applications Limited ("SAL"), which Digital
Barriers acquired on 25 March this year. SAL is a UK-based specialist supplier,
installer and integrator of thermal imaging equipment for perimeter surveillance
and the protection of high-profile target locations and has an adjacent but
distinct customer base to Overtis Solutions.
The Board of Digital Barriers believes that the activities of Overtis Solutions
combined with those of SAL will enable the Company to take a further step
forward in its strategic ambition to build a specialist mid-market business that
can work directly with end-customers and through key partner organisations both
at home and abroad to provide focused, proportionate and effective solutions
which help protect key assets from attack.
Terms of the Acquisition
The total consideration of GBP3.20 million is payable in cash on completion and
will be satisfied from the Company's existing cash resources.
Financial information
Overtis Group Limited's latest audited accounts for the financial year ended 31
October 2009 reported Overtis Solutions' turnover of GBP2.64 million, with
EBITDA of GBP0.07 million. At 31 October 2009, Overtis Solutions had net assets
of GBP1.30 million.
Tom Black, Executive Chairman of Digital Barriers, commented:
"I am very pleased to be moving forward with the strategy we set out at the time
of our flotation in March. The fit between our existing business and the Overtis
Solutions business is extremely complementary and exciting. I look forward to
exploring the many opportunities now open to us to engage with customers and
partners not just here in the UK but also on an international basis."
Andy Durham, Managing Director of Overtis Solutions, commented:
"As our discussions progressed, it became increasingly clear to me that both
Digital Barriers and the team at Overtis Solutions share many common beliefs,
aspirations and viewpoints on the security space and its potential for growth.
I look forward to working as part of the Digital Barriers team as we capitalise
on that potential together, as a larger and broader solutions organisation."
For further details please contact:
+---------------------------------+-----------------+
| Digital Barriers plc | +44 (0)20 7940 |
| | 4740 |
+---------------------------------+-----------------+
| Tom Black, Executive Chairman | |
+---------------------------------+-----------------+
| Colin Evans, Managing Director | |
| | |
+---------------------------------+-----------------+
| | |
+---------------------------------+-----------------+
| Investec Investment Banking | +44 (0)20 7597 |
| | 5970 |
+---------------------------------+-----------------+
| Andrew Pinder / Erik Anderson | |
| | |
+---------------------------------+-----------------+
| | |
+---------------------------------+-----------------+
| Financial Dynamics | +44 (0)20 7831 |
| | 3113 |
+---------------------------------+-----------------+
| Edward Bridges / Matt Dixon | |
+---------------------------------+-----------------+
About Digital Barriers:
Founded by the leadership team behind Detica Group, Digital Barriers is focused
on the provision of specialist products and services to the homeland security
market where the threat of international and domestic terrorism represents a
compelling commercial opportunity. Over time, the Company aims to become a
mid-market specialist, working directly with end-customers and internationally
through key partner organisations, to provide focused, proportionate and
effective solutions for the protection of high-profile targets, crowded spaces
and the critical national infrastructure.
www.digitalbarriers.com
This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will", or "should" or, in each case, their negative or other
variations or comparable terminology. These forward-looking statements include
matters that are not historical facts. They appear in a number of places
throughout this announcement and include statements regarding the Company's
current intentions, beliefs or expectations concerning, among other things, the
Company's results of operations, financial condition, liquidity, prospects,
growth, strategies and the Company's markets. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and
circumstances. Actual results and developments could differ materially from
those expressed or implied by the forward-looking statements. Forward-looking
statements may and often do differ materially from actual results. Any
forward-looking statements in this announcement are based on certain factors and
assumptions, including the Company's current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's operations, results of
operations, growth strategy and liquidity. Whilst the Company considers these
assumptions to be reasonable based upon information currently available, they
may prove to be incorrect. Save as required by law or by the AIM Rules for
Companies, the Company undertakes no obligation to publicly release the results
of any revisions to any forward-looking statements in this announcement that may
occur due to any change in the Company's expectations or to reflect events or
circumstances after the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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