3rd Jan 2006 09:14
CODASciSys PLC03 January 2006 CODASciSys plc Acquisitions of German and Hungarian distributors for CODA Group CODASciSys plc ("CODASciSys", stock code: CSY), the IT software and servicesprovider, today announces the acquisitions of its German and Hungariandistributors on 30th December 2005. CODASciSys has acquired the business and assets of Singular Hungary, itsHungarian distributor. The purchase consideration is a maximum of €1m cash.€0.75m has been paid on completion and up to a further €0.25m will be payable inrelation to the profitability of the unit in 2006. Based in Budapest, the newly acquired business will operate as CODA Hungary andforms the basis of a new direct sales and support operation serving existing andprospective customers in Central and Eastern Europe. CODASciSys has also acquired the entire share capital of its German distributor,bAs GmbH. The purchase consideration is a maximum of €1.4m cash, of which €0.4mhas been paid on completion and up to a further €1m will be based on theprofitability of the unit in 2006 and 2007. Based in Landsberg, near Munich,this business now forms the new core of CODA's operations in Germany and willcomplement CODA's existing office in Essen. These purchases represent the continuation of CODA's planned expansion withinEurope and follow on from acquisitions in France, Sweden and Estonia during2005. Graham Steinsberg, CODASciSys' CEO said: "Both Singular Hungary and bAs havebeen successful CODA distributors for a number of years. Their inclusion withinthe Group should allow accelerated expansion and controlled growth for CODAwithin these markets." In 2006 the acquisitions should jointly add revenues of approximately £1.5m andare expected to contribute to profits. The aggregate value of net assetsacquired is not material. Ends For further information please contact: Graham Steinsberg, Group Chief Executive Officer, CODASciSysTelephone 01249 466466E-mail: [email protected] Barrie Newton, Rowan DartingtonTelephone 0117 933 0011 Background Information The CODASciSys Group The CODASciSys Group, based in the UK, provides IT services and businesssolutions to a broad, worldwide base of clients. It comprises two maindivisions, the CODA Division (CODA) and the SciSys Division (SciSys), and iscommitted to delivering quality services, solutions and consultancy that deliverreal business benefits. CODA is focused on the delivery of financial intelligence through solutionsbased around financial analytics and accounting. SciSys concentrates ondelivering professional software services and on designing and building systemsthat incorporate third party packaged software. Each Division addresses well defined markets and together they serve a largeinternational client base. The Group supplies solutions that include financialaccounting and intelligence systems, management information systems and real-time control systems. It supplies services that include consultancy, projectmanagement, system design, implementation and support and maintenance. The market sectors in which the Divisions operate include Utilities, Defence,Government, Communications, Retail, Business Services, Space, Transport, Bankingand Insurance. Clients are typically blue chip organisations, and largegovernment or quasi-government institutions. Within the UK, the Group has offices in Chippenham, Harrogate, Bristol, Readingand Nottingham. It services clients internationally through a network of directoffices in North America, The Netherlands, Belgium, Germany, France, Sweden,Singapore, Malaysia and Australia and partners throughout the rest of the world. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SSY.L