26th Sep 2007 07:01
InterQuest Group PLC26 September 2007 InterQuest acquires specialist IT recruitment business InterQuest Group Plc ('InterQuest' or 'the Group'), today announces theacquisition of e-CRM People Limited ('e-CRM') for total consideration of up to£4.95m and the appointment of Chris Smith and Steven Morrisey, joint M.D's ofe-CRM, to the Group's operational management board. The initial consideration is £2.67m, comprising £2.40m in cash and £0.27m in newInterQuest shares issued at 105 pence per share. Further consideration up to amaximum of £2.28m is payable in September 2008 and September 2009 provided thatcertain financial targets are achieved in the years ended 31 July 2008 and 31July 2009. e-CRM is a dynamic, fast growing niche IT recruitment services provider that hasdeveloped a leading position in its core markets of Enterprise Asset Management,IT Service Management, IT Storage and Security. In the year to 31 July 2007, e-CRM reported audited turnover of £10.03m andaudited adjusted profit before tax of £0.71m. Net assets at 31 July 2007 were£0.55m. Application has been made to the London Stock Exchange to list 254,096 newordinary shares in InterQuest which will, upon issue, rank pari passu with theCompany's existing issued ordinary shares and are subject to a lock-inrestriction which expires on 25th September 2008 and an orderly market provisionfor twelve months thereafter. The Board believes that the acquisition is another milestone in the Group'sdevelopment into one of the UK's leading providers of niche IT recruitmentservices and that the acquisition will be earnings enhancing within the firstyear. Gary Ashworth said: 'We are delighted to welcome Chris, Steve and their team tothe Group and to add another fast growing, specialist business to the othersalready in the Group.' For further information please contact: InterQuest Group Tel: 020 7025 0100 Gary Ashworth Ross Eades Michael Joyce Britton Financial PR Tim Blackstone 020 7251 2544 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
InterQuest Group