30th Nov 2023 11:49
Microlise Group PLC - Nottingham, England-based provider of software-as-a-service transport technology solutions to fleet operators - Announces agreement to purchase Altrincham, England-based transport management system solutions provider Enterprise Software Systems. Company will pay initial cash consideration of GBP7.7 million upon completion, as well as deferred consideration of GBP850,000 in cash six months after completion. Expects takeover to be immediately earnings enhancing.
Chief Executive Officer Nadeem Raza says: "We are delighted to announce ESS as our second acquisition of the year, and our largest to date. The acquisition showcases our commitment to strengthening our TMS offering, which we will now be able to provide to businesses of all sizes. ESS immediately increases our recurring revenues, enhances our earnings, and will provide numerous upsell and cross-sell opportunities."
Current stock price: 97.50 pence, up 4.3% on Thursday in London
12-month change: down 42%
By Emma Curzon, Alliance News reporter
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