Completion of Acquisition
Eckoh Technologies PLC
03 May 2005
For immediate release 3 May 2005
Eckoh Technologies plc
("Eckoh" or the "Company")
Completion of the acquisition of Anglia Telecom Centres Ltd
Eckoh, one of Europe's leading speech application service providers, today
announces that it completed the acquisition of Anglia Telecom Centres Limited
("Anglia") from TTG Europe plc. on 29 April 2005, for a cash consideration of up
to £10.0 million to be paid in three tranches. Initial consideration of £7.5
million was paid on completion, with a further £200,000 payable on 15th May
2005. The remaining balance of £2.3 million is payable on 31st May 2005, of
which £0.5m is to be held in escrow pending resolution of certain contingent
liabilities within Anglia.
Together with its nominated advisor, Evolution Securities Limited, the board is
continuing to review strategic options for the Eckoh Group, and will make
further announcements as appropriate.
Martin Turner, Chief Executive of Eckoh, commented:
"We are delighted to have successfully completed the acquisition of Anglia. We
believe both Anglia and our wholly-owned fixed line and mobile telephony
services subsidiary Symphony Telecom are in a position to take advantage of
exciting opportunities within the telecoms arena."
For further enquiries, please contact
Eckoh Technologies plc Tel: 08701 100 700
Martin Turner, Chief Executive
Nik Philpot, Chief Operating Officer
Buchanan Communications Tel: 020 7466 5000
Mark Edwards/Jeremy Garcia
Notes to Editors
About Eckoh Technologies:
Eckoh Technologies plc designs, builds, hosts and manages Speech Solutions for
large corporations and organisations using ASR (Advanced Speech Recognition) and
IVR (Interactive Voice Response) technologies. It is a leading UK service
provider and infrastructure owner/operator, and intends to exploit the
anticipated growth in demand for Speech Solutions across Europe.
In January 2003, Eckoh signed a landmark deal to create an exclusive speech
alliance with BT to provide hosted speech recognition solutions to their
corporate client base over the next 2 years. This contract was then subsequently
extended until December 2006. In
Eckoh has a call processing platform of 10,000 lines (capable of handling over
500,000 calls an hour) of which over 6,000 lines incorporate speech recognition
technology making it the largest speech enabled call processing platform in
Europe.
Eckoh also operates the following businesses:
• IVR - following the acquisition of Intelliplus Group plc in Sept 2003,
Eckoh is one of the largest providers of managed IVR and SMS services in the UK
to media clients including ITV, BBC, Trinity Mirror, Channel 4, Endemol, Celador
and EMAP.
• Network Services - under the "Symphony" and "Freecom" brands, Eckoh
supplies fixed line and mobile telephony services, broadband and data services
to SMEs in the UK and Ireland. Following the acquisition of Intelliplus Network
Services now has an SME customer base of over 13,000.
In the year to 31 March 2004 Eckoh Technologies plc generated a turnover of
£62.5 million and had a cash balance of £10.2m.
Further information can be found at www.eckoh.com.
About Anglia:
Anglia was incorporated in 1987 and is a successful mobile distribution and
fixed line reseller to the SME market in the UK. Anglia supplies a range of
mobile network connection packages, mobile phone handsets and accessories
through a network of over 170 mobile phone dealers in the UK. The business
supports the dealer network through providing marketing expertise, sourcing the
hardware and arranging for the connection of the dealers' customers to the
desired network. To provide these connection services Anglia has direct
connection agreements with five mobile phone networks, being O2, Orange,
T-mobile, Hutchinson 3G and Vodafone. In addition, Anglia acts as a switchless
reseller of fixed line telecommunications services, providing such services to
over 1,000 business customers. Revenues for the last audited financial year
ended 31 March 2004 were £22.4 million and profit before taxation of £1.7
million.
This information is provided by RNS
The company news service from the London Stock Exchange