Acquisition of SoNET Systems Pty Ltd

RNS Number : 1329C

RM PLC

14 June 2019

 

RNS ANNOUNCEMENT

14 June 2019

RM PLC

("RM" or the "Group")

Acquisition of SoNET Systems Pty Ltd

RM plc, a leading supplier of IT software and services to the UK and international education markets, has acquired SoNET Systems Pty Ltd ("SoNET") for a consideration of £7.3 million.

Headquartered in Melbourne, Australia, SoNET provides Software as a Service platforms principally to the education and government sectors.  

Acquisition highlights:

·    SoNET's e-testing software augments RM's existing e-marking capability. This will enable RM Results to offer full end-to-end digital assessment services in the online testing and marking of exams to both existing and new customers.

·    This acquisition will open new market opportunities and accelerate the growth of the RM Results division.

·    SoNET delivered revenues of £3m in the year to 30 April 2019 and brings several new customers to the Group in Asia Pacific and Europe.

Commenting on the acquisition, David Brooks, Chief Executive of RM, said:

"SoNET is a business that RM knows well and has previously worked with successfully. This acquisition demonstrates RM's ambition to invest in new technology and will help accelerate international growth.

Digital assessment is a growing segment within the education market and RM Results has established itself as a market leader. The addition of SoNET's expertise will further strengthen our ability to capitalise on this growth opportunity.

We look forward to welcoming the SoNET team and being able to offer our customers a full end-to-end digital assessment service."

Contacts:

RM plc
David Brooks, Chief Executive Officer Neil Martin, Chief Financial Officer	08450 700 300
Headland Consultancy (PR adviser to RM)
Stephen Malthouse, Chloe Francklin	0203 805 4822

Notes to Editors:

RM is a UK listed EdTech company, providing market-leading products and services to educational institutions, exam bodies and international governments which improve, simplify and support education and learning. 

Technology is transforming Education, and RM is uniquely positioned to capitalise on this through its three divisions:

·RM Resources is the established provider of education resources for early years, primary schools and secondary schools across the UK and internationally. Our trusted brands, TTS and Consortium, develop and supply resources to help bring the curriculum to life for teachers and students across over 80 different countries.

·RM Results is a world-leading provider of digital Assessment services, enabling e-marking, e-testing and the management and analysis of educational data.  Every year RM Results marks approximately 200 million exam pages, working with world renowned exam providers, professional bodies, universities and governments.

·RM Education is a market-leading supplier of ICT software, technology and services in the UK. It helps schools save time and money and enables them to enhance the impact of technology on teaching and learning.

 

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