14th Mar 2023 15:11
Microlise Group PLC - Nottingham, England-based provider of software-as-a-service transport technology solutions to fleet operators - Acquires Vita Software, a provider of transportation management solutions, for GBP2.1 million. Says the acquisition will expand its suite of transport technology solutions. Expects Vita Software to immediately enhance earnings. Business and product integration will begin immediately, Microlise says, adding all existing staff are being retained.
Microlise will pay an initial consideration of GBP1.86 million for Vita Software, funded from the company's existing cash reserves. It will pay a deferred consideration of GBP200,000 after 12 months, subject to any claims.
Chief Executive Nadeem Raza says: "This is the first of a number of targeted acquisitions that are being progressed, driving our long-term plan to offer a comprehensive suite of solutions that cater to fleets of all sizes across our strategic geographies... This acquisition will also provide us significant opportunities for upselling and cross-selling, enabling us to further strengthen our relationships with our customers and reinforce our position as a leading provider of transport technology solutions."
Current stock price: 159.40 pence, up 2.8% in London on Tuesday afternoon
12-month change: up 6.6%
By Heather Rydings, Alliance News senior economics reporter
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