Acquisition

RNS Number : 2832L

IDOX PLC

04 May 2010

 



4 May 2010

IDOX plc

Acquisition of Grantfinder for £3.3m further develops Information Solutions business

IDOX plc (AIM: IDOX, 'IDOX' or the 'Company'), a leading supplier of software and services to the UK public sector, has acquired Grantfinder Limited ("Grantfinder") for a total consideration of £3.3m in cash, funded from existing cash resources.

Grantfinder is an important provider of value-added databases for government and EU funding information to a wide range of UK public and private customers. The acquisition will extend the capabilities of the IDOX Group with additional value-added content and boost its subscription-based recurring revenue stream.  Grantfinder will be easily integrated into the enlarged IDOX Information Solutions Business which includes J4B, acquired in 2009, and the longstanding planning content business.  This will deliver a market leading position in the provision of grant related information in the UK.

Grantfinder recorded revenues of £1.6m for the year ended 30 September 2009 and when combined with J4B is expected to generate significant synergistic benefits and be immediately earnings enhancing.

Martin Brooks, IDOX Chairman said:

"Grantfinder is an attractive opportunity for us. This transaction builds on the J4B acquisition last year and together they provide us with a second UK market leading position - this time in specialist content - to complement our established land and property software business."

Enquiries:

IDOX	020 7332 6000
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial Officer
Investec	020 7597 4000
Andrew Pinder / Erik Anderson
College Hill	020 7457 2020
Adrian Duffield / Carl Franklin

About 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, Plantech and IDOX product range. Over 75% of UK local authorities are customers.

The Group 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 IDOX Information Solutions, as well as transforming approaches to knowledge and content management via consultancy and training. In addition it provides these specialist skills to customers through its TFPL branded recruitment division.

For more information see www.idoxplc.com

 

END

 

 

ACQEADSLEAAEEFF