22nd Feb 2008 07:00
IDOX PLC22 February 2008 IDOX plc22 February 2008 IDOX plc ("IDOX" or the "Company") Acquisition of Plantech Limited The Board of IDOX plc (AIM:IDOX), is pleased to announce the completion of theacquisition of Plantech Limited ("Plantech") for a cash consideration of £5.3million. The consideration will be funded from the Company's resources. IDOXwill acquire 100% of the issued share capital of Plantech and a cash balance of£1.4 million. Highlights • IDOX has agreed to acquire Plantech, a privately owned profitable UK-based company focused on the provision of software solutions, primarily to local authorities. • The consideration for the acquisition is to be satisfied by a cash payment of £5.3 million. • The acquisition of Plantech is in line with IDOX's stated strategy of focusing on providing software, solutions and services to government and related bodies. The acquisition will provide IDOX with synergies and an opportunity to increase the enlarged group's market presence in the local authority sector. • Plantech supplies case management solutions which are spatially enabled and developed for local government departments and agencies, bringing together information about land, people and property. Plantech works closely with local authorities to deliver technology products and services that drive efficiencies, delivering a better service to citizens and businesses, whilst helping local authorities to meet e-government targets. • Plantech had operating profits for the year ended 30 April 2007 of £0.3 million and net assets of £1.5 million at 30 April 2007. • The combination of the two businesses will result in an enlarged group with pro-forma historic sales of over £35.0 million per annum of which a significant portion is recurring in nature. • On completion of the transaction Rob and Cynthia Anderson, currently Managing Director, and a Director of Plantech, will retire. Commenting on the acquisition, Martin Brooks, Chairman said: "Plantech is a high quality add-on acquisition for IDOX which strengthens ourmarket profile in the UK local authority market, where we see furtherconsolidation opportunities." Rob Anderson, Managing Director of Plantech Limited added: "IDOX is dedicated to the local government sector, and is a good home forPlantech given its commitment to innovative solutions and customer service." For further information, call: IDOX plcMartin Brooks, Chairman 020 7332 6000Richard Kellett-Clarke, CEO 020 7332 6000 Noble & Company LimitedMatthew Hall, Director 020 7763 2200 Notes for Editors IDOX plc IDOX plc is a supplier of software solutions and services principally to the UKpublic sector and the leading applications provider to local government for corefunctions relating to land, people and property through its UNI-form and IDOXproduct range. Some 70% of UK local authorities are customers. The Company gives public-sector organisations the tools to manage informationand knowledge, documents and content, business processes and workflow as well asconnecting directly with the citizen via the web. It also supplies decision support content and additional specialist services viathe IDOX Information Service. Under the TFPL brand the company is transforming approaches to knowledge andcontent management via consultancy and training, as well as providing thesespecialist skills to customers through its recruitment division. Plantech Limited Plantech is a UK based supplier of software and consultancy to localauthorities. Plantech's software facilitates the efficient management ofinformation and applications for four prime property service areas: planning,environmental health, building control and land charges. Plantech is independently acknowledged to outperform its major competitors interms of reliability, functionality and service provision. Plantech alsosupplies a local land and property gazetteer to coordinate these applicationsand interface with the national land and property gazetteer and/or other councilbased property applications. For more information see www.idoxplc.com and www.plantechltd.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Idox Group