Anite Group PLC
9 March 2000
ANITE GROUP PLC
ACQUISITION OF SHERIDAN SYSTEMS LIMITED
Anite Group plc ('Anite'), the I.T. Systems consultancy,
today announces that it has agreed, through its newly-
formed subsidiary, Anite Public Sector Limited, to
acquire the entire issued share capital of Sheridan
Systems Limited ('Sheridan'). The consideration is £1.5m
payable on completion, together with an earn-out not
exceeding £4.1m based on profit and cash targets up to
April 2002. £1.3m of the initial purchase consideration
is payable in cash, the balance being met by the issue of
Anite ordinary shares.
Anite Public Sector Limited is the Group's fast-growing
consultancy and solutions business within the public
sector.
Sheridan is the market leader in providing software-based
solutions supporting key business functions within a
local authority's Social Services department. Its SWIFT
solution, released in March 1999, has won nine out of
eleven Social Services tenders issued since the launch.
Sheridan's solutions include the provision of software
within the functions of Case Management, Resource
Management, Finance and Personnel to Local Authorities
throughout the United Kingdom.
John Hawkins, Chief Executive Officer of Anite said 'The
Group has taken another important step in building its
Public Sector portfolio with this acquisition. It builds
on recent acquisitions in a number of vertical markets
and strengthens Anite Public Sector Limited's
capabilities as a supplier of joined-up software and
services in Local Government.
By combining our e-commerce enabled workflow products
with the core Sheridan application software, Anite will
be able to create additional web enabled solutions for
the Public Sector'.
For further information, please contact:
Anite Group plc www.anite.com/profiles/imasys.htm
John Hawkins, Chief Executive Officer 0118 945 0129
Simon Hunt, Group Finance Director
Ludgate Communications
Edward Macquisten 0207 253 2252
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