Acquisition
Clarity Commerce Solutions PLC
05 August 2003
5 August 2003
Clarity Commerce Solutions Plc
US$3 million Acquisition; Placing of 1,500,000 new ordinary shares
at 50p per share
Clarity Commerce Solutions plc ('Clarity'), the AIM listed UK software company,
which provides software to the UK leisure and hospitality markets, announces it
has today acquired the operating business of Pacer CATS, a leading supplier of
software solutions to the cinema marketplace, from Ticketmaster, the
international ticketing company for a consideration of US$3 million.
Pacer CATS operates primarily in the UK, as well as in France, Germany and the
US. It sells and maintains admissions and ticketing software to major cinema
operators. Customers in the UK include Odeon, UCG and UCI, as well as a number
of independent cinemas. Overseas customers include National Amusements and
Europalaces.
The range of software provided includes ticketing and seat management, back
office systems, online ticketing interfaces and POS systems.
The consideration has been satisfied from existing resources, short-term finance
provided by the Bank of Scotland and the proceeds from a placing for cash of
1,500,000 new ordinary shares at 50p per share, arranged by Williams de Broe
Plc, under the authority granted at the Extraordinary General Meeting held on 1
May 2003. Application has been made to the London Stock Exchange plc for these
shares to be admitted to trading which is expected to commence on 7 August 2003.
In the financial year ended 2002 the Pacer CATS had a consolidated turnover of
US$11.6 million and an EBITDA of US$237,000. Net assets at completion are in
excess of US$1.3 million.
Paul LaFontaine, Executive Vice President of Emerging Markets, Ticketmaster,
commenting on the transaction, said:
'Pacer CATS is pleased to be joining the Clarity team and believe this
transaction is a strong strategic fit for our business. Clarity will not only
offer increased value to Pacer CATS existing cinema clients, they are also
naturally positioned to provide significant new advantages through their broad
range of software products'.
Graham York, CEO of Clarity, said:
'Clarity will assist Pacer CATS in the delivery of its next generation software
solution. At the same time, we believe that there is significant synergy between
the product ranges and we plan to offer our product range to Pacer CATS'
customers through ongoing integration.
We believe that this deal offers increased value to Clarity shareholders as well
as significant benefits to the customers and employees of Pacer CATS'.
ENDS
Binns & Co. Public Relations:
Sam Allen
Paul McManus
Peter Binns
Tel: 020 7786 9600
About Ticketmaster
Ticketmaster, the world's leading ticketing company, sold more than 95 million
tickets valued at more than US$4 billion in 2002, through www.ticketmaster.com,
one of the largest e-commerce sites on the Internet, more than 3,500 retail
Ticket Centre outlets and 19 worldwide telephone call centres. Ticketmaster
serves more than 8,000 clients worldwide and acts as the exclusive ticketing
service for hundreds of leading arenas, stadiums, performing arts venues, and
theatres and is the official ticketing provider and supporter of the Athens 2004
Olympic Games. Ticketmaster is headquartered in West Hollywood, California and
is an operating business of InterActiveCorp.
About Clarity
AIM listed Clarity is a provider of specialist software and services aimed at
the leisure and hospitality marketplace. The Clarity group has well over 2000
customer installations throughout the UK, and an expanding user base in Europe.
The groups software systems are primarily designed to give a multi site operator
control through head office software. Customers include sports and fitness
operators, national pub companies, restaurants, attractions and venues. The
company currently employs over 100 staff in 5 offices and generated turnover of
£7.26 million in its last financial year.
ENDS.
This information is provided by RNS
The company news service from the London Stock Exchange