Acquisition of AssetHouse Tec

RNS Number : 3326W

Amino Technologies PLC

10 June 2008

 



FOR IMMEDIATE RELEASE

10 June 2008

AMINO TECHNOLOGIES PLC

ACQUISITION OF ASSETHOUSE TECHNOLOGIES

Amino Technologies plc ('Amino' or the 'Group'; stock code: AMO), the Cambridge-based broadband network software and systems group, is pleased to announce that today, in line with the Group's strategy, it has completed the acquisition of AssetHouse Technologies Limited.

AssetHouse Technologies Limited ('AssetHouse') has been acquired for approximately £1.4m on a debt-free basis, payable in cash on completion. The purchase of AssetHouse, a software business whose principal customer is British Telecommunications plc, will broaden the range of technologies Amino can offer to IPTV service operators of all sizes. The acquisition will also give Amino access to the emerging Online Video Services market (formerly referred to as the 'Internet TV' market).  

Based in Guildford, Surrey, AssetHouse has developed and sells software which allows IPTV service providers to improve the packaging, management and delivery of content to subscribers.  AssetHouse has 16 employees.  

Management accounts for AssetHouse show that in the year to 31 May 2008, Asset House generated revenue of approximately £0.4 million and incurred an operating loss of approximately £1.4 million. As at 31 May 2008, Asset House had a net deficit of £5.3m.  However, in the consolidated Group accounts of Amino, the net deficit will be immaterial and goodwill is expected to be approximately £1.4m.  During the remainder of Amino's current financial year, AssetHouse's loss is expected to decrease.  

Commenting on the acquisition, Keith Todd, Amino's Chairman, said:

'The acquisition of AssetHouse marks the start of the next phase of growth for Amino. Although currently loss making, we are confident that the acquired business will generate significant incremental profits for the enlarged Group.

'Accordingly, I am pleased to re-iterate the guidance that, including the slightly dilutive effect of the AssetHouse acquisition, we remain confident that Amino will deliver the current market forecast for the year ended 30 November 2008.'

Andrew Burke, Chief Executive Officer, added;

 'As the market for IPTV matures, technology is opening the door for telecoms companies to maximise opportunities through better services, targeted content and greater choice. Together, Amino and AssetHouse will close the loop between the set-top box and the merchandising, taking IPTV to the next stage.' 

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CONTACTS

Amino Technologies:	01954-234100
Keith Todd, Chairman	www.aminocom.com
Andrew Burke, Chief Executive Officer
Stuart Darling, Finance Director
Bankside:	020-7367-8888
Steve Liebmann or Simon Bloomfield
KBC Peel Hunt Ltd:	020-7418-8900
David Anderson

  About Amino

Amino Technologies plc (www.aminocom.com) designs and supplies Electronic systems, software and consultancy for IPTV (Telco triple-play applications), on-demand video and in-home multimedia distribution delivered through three operating divisions.

Amino Communications supplies the AmiNET(TM) series of high performance IPTV set-top boxes and gateways for development in the telecommunications, broadcast and hospitality markets. Generally, AmiNET products are supplied with the IntAct(TM) IPTV software stack for customer premises solutions to OEMs enabling them to supply IPTV set-top boxes and gateways for larger scale deployments and the hospitality sector.

Amino is partnered with world-leading companies in systems integration, middleware, conditional access, semi-conductor, head-end systems and browser technologies.

 

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