Anite Group PLC
28 June 2001
28 June 2001
Anite Group plc
('Anite')
Anite acquires Didgicom Limited for up to £1.8 million
Anite, the European IT consultancy and services company, today announces that
it has entered into an agreement to acquire the entire issued share capital of
Didgicom Limited ('Didgicom'), a company specialising in the development,
supply and maintenance of bespoke travel software products, for a maximum
consideration of £1.8 million. Anite's travel division focuses on providing
reservation and integrated solutions, including interactive booking, in the
UK, Italy and Nordic regions.
The consideration comprises an initial consideration of £650,000 ('Initial
Consideration'), plus a maximum earn-out of £1.15 million payable on the
achievement by Didgicom of various profit targets to 30 April 2003 ('Earn-Out
Consideration') .
The Initial Consideration will be satisfied as to £50,000 in cash on
completion and as to £600,000 by the issue and allotment by Anite on
completion of 483,092 ordinary shares of 10 pence each in the capital of Anite
('Anite Shares'), at the rate of £1.242 per ordinary share. The Earn-Out
Consideration will also be satisfied by the issue and allotment of Anite
Shares to the sellers.
John Hawkins, Chief Executive of Anite Group Plc, commenting on the
acquisition, said:
'Anite's existing travel strategy is to extend the 'range' and 'reach' of
Anite Travel. Didgicom firmly provides access to a range of software products
and skills that are complementary and additive to those in Anite Travel.
Using our Anite Travel salesforce we expect to extend quickly the marketing
force and penetration of these products and services in the sector.'
For further information please contact:
Anite Group Plc 0118 945 0121
John Hawkins, Chief Executive
Golin/Harris Ludgate 020 7324 8888
Reg Hoare/Laurence Read
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