K3 Business Technology Group PLC
06 April 2004
6 April 2004
K3 BUSINESS TECHNOLOGY GROUP PLC
('K3')
ANNOUNCES ACQUISITION OF
WAREHOUSING AND DISTRIBUTION MANAGEMENT SOFTWARE
COMPANY
K3 Business Technology Group is pleased to announce it has acquired the
remaining 62% stake in PSE Ltd ('PSE'), the warehousing and distribution
management software company based in Lancashire. K3 acquired a 38% shareholding
in PSE in November 2003 for an initial consideration of £0.10m, with a further
£0.09m due within two years. The balance of shares has today been acquired for
an initial consideration of £450,000 with a further consideration of up to a
maximum £532,000 payable, based on PSE's revenues rising to £5million over the
period up to 31 March 2007.
Established in 1995, PSE has developed specialist Microsoft SQL-based
applications for the manufacturing, distribution and retail sectors. The
software, branded under the 'Elucid' name, supports multi-channel marketing and
improves warehousing and supply chain logistics. It is well-regarded in this
emerging and fast-growing sector and its customers include Evesham Technology,
JJB Sports and Axminster Power Tools.
PSE generated approximately £1.2m turnover for the year ended 30 November 2003
and an unaudited profit before taxation of £75,000. Net assets stood at £59,000
at 30 November 2003.
Andy Makeham, chief executive of K3, commented,
'K3 is a market leader in the delivery of supply chain management and ERP
solutions to small and medium sized companies in the manufacturing sector. PSE
is a well-run, fast-growing company and its acquisition enables us to extend
our activities within the warehousing and distribution sector.
We remain committed to further expansion in growth sectors and are actively
reviewing other target acquisitions, which meet our stringent criteria.'
For more details please contact:
K3 Business Technology Group plc T: 01282 864111
Andy Makeham, Chief Executive
Biddicks T: 020 7448 1000
Katie Tzouliadis or Kathryn van der Kroft
Rowan Dartington & Co Limited T: 0117 933 0010
Barrie Newton, Managing Director
This information is provided by RNS
The company news service from the London Stock Exchange
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