IDOX PLC
22 February 2008
IDOX plc
22 February 2008
IDOX plc ('IDOX' or the 'Company')
Acquisition of Plantech Limited
The Board of IDOX plc (AIM:IDOX), is pleased to announce the completion of the
acquisition of Plantech Limited ('Plantech') for a cash consideration of £5.3
million. The consideration will be funded from the Company's resources. IDOX
will acquire 100% of the issued share capital of Plantech and a cash balance of
£1.4 million.
Highlights
• IDOX has agreed to acquire Plantech, a privately owned profitable UK-based
company focused on the provision of software solutions, primarily to local
authorities.
• The consideration for the acquisition is to be satisfied by a cash payment
of £5.3 million.
• The acquisition of Plantech is in line with IDOX's stated strategy of
focusing on providing software, solutions and services to government and
related bodies. The acquisition will provide IDOX with synergies and an
opportunity to increase the enlarged group's market presence in the local
authority sector.
• Plantech supplies case management solutions which are spatially enabled and
developed for local government departments and agencies, bringing together
information about land, people and property. Plantech works closely with
local authorities to deliver technology products and services that drive
efficiencies, delivering a better service to citizens and businesses,
whilst helping local authorities to meet e-government targets.
• Plantech had operating profits for the year ended 30 April 2007 of £0.3
million and net assets of £1.5 million at 30 April 2007.
• The combination of the two businesses will result in an enlarged group with
pro-forma historic sales of over £35.0 million per annum of which a
significant portion is recurring in nature.
• On completion of the transaction Rob and Cynthia Anderson, currently
Managing Director, and a Director of Plantech, will retire.
Commenting on the acquisition, Martin Brooks, Chairman said:
'Plantech is a high quality add-on acquisition for IDOX which strengthens our
market profile in the UK local authority market, where we see further
consolidation opportunities.'
Rob Anderson, Managing Director of Plantech Limited added:
'IDOX is dedicated to the local government sector, and is a good home for
Plantech given its commitment to innovative solutions and customer service.'
For further information, call:
IDOX plc
Martin Brooks, Chairman 020 7332 6000
Richard Kellett-Clarke, CEO 020 7332 6000
Noble & Company Limited
Matthew Hall, Director 020 7763 2200
Notes for Editors
IDOX plc
IDOX plc is a supplier of software solutions and services principally to the UK
public sector and the leading applications provider to local government for core
functions relating to land, people and property through its UNI-form and IDOX
product range. Some 70% of UK local authorities are customers.
The Company gives public-sector organisations the tools to manage information
and knowledge, documents and content, business processes and workflow as well as
connecting directly with the citizen via the web.
It also supplies decision support content and additional specialist services via
the IDOX Information Service.
Under the TFPL brand the company is transforming approaches to knowledge and
content management via consultancy and training, as well as providing these
specialist skills to customers through its recruitment division.
Plantech Limited
Plantech is a UK based supplier of software and consultancy to local
authorities. Plantech's software facilitates the efficient management of
information and applications for four prime property service areas: planning,
environmental health, building control and land charges.
Plantech is independently acknowledged to outperform its major competitors in
terms of reliability, functionality and service provision. Plantech also
supplies a local land and property gazetteer to coordinate these applications
and interface with the national land and property gazetteer and/or other council
based property applications.
For more information see www.idoxplc.com and www.plantechltd.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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