Acquisition

RNS Number : 9535P

IDOX PLC

27 July 2010

 



27 July 2010

IDOX plc

Acquisition of Computershare Electoral Management Services for £4.4m

IDOX plc (AIM: IDOX, 'IDOX' or the 'Company'), a leading independent supplier of software and services to the UK public sector, has agreed to acquire Computershare Electoral Management Services Limited ("CEMS") from Computershare (ASX:CPU) for a gross consideration of up to £4.4m using existing cash resources. An initial payment of £3.9m will be made and a further £0.5m payment is payable in July 2011 subject to fulfilment of certain conditions. The acquisition will be immediately earnings enhancing and completion is expected by the end of July 2010.

CEMS, which trades as Strand Business Systems ("Strand") and which will be re-named Strand Electoral Management Services Limited, is one of the UK's leading providers of electoral management software and services, supplying 116 local authorities that cover a voting population of 13 million people.

Strand achieved revenues of £1.6m for the year ended 30 June 2010 (unaudited), of which more than 75% is recurring, with a pre-tax profit of £0.8m after exceptional items. Net assets at completion are expected to be £0.4m with cash to be acquired of £1.2m. 

The acquisition of Strand is an important strategic addition for IDOX, enabling it to enter another very active local government market with a strong suite of products and good opportunities for growth by cross selling.

Martin Brooks, IDOX Chairman said:

"This acquisition broadens and strengthens IDOX's leadership in the Land, Property and People markets, where our development expertise, operational skills and strong relationships will bring significant benefits to Strand's customers. "

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

 

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