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CybIT Holdings PLC (CYH)

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Wednesday 06 August, 2008

CybIT Holdings PLC

Purchase of OxLoc Limited Ass

RNS Number : 7225A
CybIT Holdings PLC
06 August 2008
 



Date:                      6th August 2008

On behalf of:          Cybit Holdings Plc ("Cybit" or "the Company" or "the Group")

Embargoed until:     0700hrs



Cybit Holdings Plc 

Cybit purchases assets of OxLoc Limited


Cybit, the international provider of telematics-based products and services for the management and control of land and sea based assets, is pleased to announce the purchase, for a nominal cash consideration, the assets of OxLoc Limited (OxLoc) the Oxford based supplier of battery-powered tracking units for HGV trailers, plant and mobile assets. 


OxLoc provided asset monitoring, tracking and alerting solutions to the sector of the mobile asset management market where there is no access or limited access to a power source, with their supply of autonomous battery-powered data collection products. The Company was originally founded by Isis Innovation Ltd, the technology transfer company of the University of Oxford and has been operating since December 2000. 


The purchase covers all hardware, software and intellectual property and provides Cybit with non-powered tracking devices that will become highly integrated with Cybit's leading on-line Fleetstar-Online telematics and fleet-tracking solution. This will include built-in RFID technology for temperature, pallet and goods-in-transit monitoring.

 

Cybit will integrate OxLoc products into their current product range and will continue to run and expand the service that is already installed with customers and partners such as BT, Balfour Beatty and the Stiller Group. This integration process will be simplified as Cybit has already incorporated the OxLoc product into its AssetLocator platform and have a number of customers using the solution for non-powered assets.  


Richard Horsman, Cybit's Chief Executive commented:

"The current challenging economic climate is making it increasingly difficult for smaller businesses like OxLoc to achieve critical mass. As the UK market leading telematics provider with a proven track record as a consolidator, Cybit is well placed to exploit the technology with our broad product range and extensive market reach."



-ends-


For further information please contact:


Cybit Holdings Plc

Redleaf Communications

Cenkos Securities Plc

Richard Horsman, Chief Executive

Emma Kane/Samantha Robbins/

Stephen Keys

Kevin Lawrence, Finance Director

Rebecca Sanders-Hewett

Tel: +44 (0)20 7397 8926

Tel: +44 (0)1480 455489

Tel: +44 (0)20 7822 0200



Email: [email protected]







Notes to Editors: 


  • Cybit operates within three core sectors: Internet-based vehicle Telematics solutions; Economic Exclusion Zone (EEZ) Management; and Private Mobile Radio (PMR) based asset tracking and precise positioning solutions. Its products and services enable companies to monitor and position mobile assets, manage service level agreements, enhance employee duty of care and comply with legislation.


  • In the vehicle Telematics sector, Cybit is one of Europe's leading Telematics Service Providers (TSPs). More than 1,700 business-to-business clients use its fleet and asset management solutions to manage in excess of 46,000 assets. Solutions include in-vehicle technologies, workflow management and internet-based monitoring and reporting software. The Company also provides consulting services to advise on legal issues such as duty of care and working hours.


  • Its PMR business, Cybit Positioning Solutions, provides asset-tracking solutions for both maritime and land-based applications including exploration and mining. Its precise positioning solutions assist in the location and exploitation of oil, gas and mineral reserves around the globe.




This information is provided by RNS
The company news service from the London Stock Exchange
 
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