29th Mar 2007 07:00
PROACTIS Holdings PLC29 March 2007 For immediate release 29 March 2007 PROACTIS Holdings PLC ("PROACTIS", the "Group" or the "Company") Acquisition of Alito PROACTIS, the specialist Spend Control software provider, today announces thatit has exchanged contracts to purchase the entire issued share capital of AlitoUK Limited ("Alito"), an e-procurement software solutions company specialisingin the Public Sector, for an initial consideration of £1.5 million. Theconsideration will be satisfied in cash. Alito, based in the South Wales, provides services to a strong customer list inthe public sector totalling 40+ local authorities, including 22 Yorkshire andHumberside authorities. For the year ended to 28 March 2007, the unauditedmanagement accounts of Alito had a turnover of £1.0m on which it made anoperating profit of £0.15million; gross assets at that date were £0.2m. All Alito's existing employees and members of the management team aretransferring to PROACTIS. This includes Alito's founders, Gareth Kempson andNicholas Lloyd James. In addition, and dependent on future financial performance from completion to 31March 2008, further consideration capped at £1.75m may be paid by way of cashand shares. Rod Jones, PROACTIS' Chief Executive Officer commented:"Alito is another excellent purchase for PROACTIS, fulfilling all our investmentcriteria. It has a strong business pipeline, a stable maintenance revenue streamand a strong customer base which can be incorporated easily to the PROACTISsolution. Alito is an excellent brand and will enhance our access to the PublicSector." - ends - Enquiries: PROACTIS 01904 481 999Rod Jones, Chief Executive Weber Shandwick Financial 020 7067 0700Nick Oborne / John Moriarty / James White Notes to Editors: PROACTIS creates, sells and maintains specialist software under the brandPROACTIS P2P, which enables organisations to streamline, control and monitor allinternal and external expenditure, other than payroll. PROACTIS P2P is alreadyused in over 140 organisations in the UK from the commercial, public andnot-for-profit sectors. PROACTIS is a profitable, high growth business operating from York. It is asales led organisation with a marketing strategy involving a mix of sellingdirect and selling through a number of Accredited Channel Partners. PROACTISdevelops all of its own software with its own in-house team of developers. PROACTIS floated on the AIM market of the London Stock Exchange in June 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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