23rd Nov 2023 16:51
(Alliance News) - Wilmington PLC on Thursday said it has bought Astutis, in a deal worth up to GBP21.5 million.
Wilmington is a London-based provider of information and training for governance and risk & compliance.
"Astutis, which offers training for a range of globally recognised and regulated health, safety and environmental qualifications, strengthens Wilmington's portfolio of GRC training and education solutions by expanding its capabilities into the health, safety and environmental markets," Wilmington said.
Wilmington has acquired Astutis for an initial consideration of GBP16.8 million, with contingent consideration of up to GBP4.7 million based on Astutis' performance in each of the two years ending June 30, 2025 and 2026. The total payment will be financed from the company's existing cash resources.
Wilmington expects the acquisition to be earnings enhancing in the first full year of ownership.
In the year to June 30, Astutis reported revenue of GBP7.4 million and pretax profit of GBP2.0 million.
"The acquisition of Astutis, which is earnings enhancing, is consistent with our strategy in the GRC market to broaden and strengthen our training and education capabilities," Chief Executive Mark Milner.
"Astutis embodies all of our six key business characterises in that it operates in growing GRC focussed regulated markets, has a strong and experienced management team, a comprehensive products suite, growing revenues and profits, and excellent digital capabilities.
Shares in Wilmington closed up 0.3% to 332.00 pence each in London on Thursday.
By Sophie Rose, Alliance News senior reporter
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