Charles Taylor Share News (CTR)

Charles Taylor, which provides professional services to clients in the insurance market, has acquired the business and assets of KnowledgeCentre.KnowledgeCenter, which provides business solutions to the insurance industry through its management software applications, will become part of Charles Taylor Insurance Support Services, which offers professional support services to clients in the Lloyd's, London and international insurance markets. It will be bought for an initial consideration of £1.9m, equivalent to 4.9x the 2013 adjusted earnings before interest and tax (EBIT).The acquired business will trade as Charles Taylor KnowledgeCenter Limited. KnowledgeCenter generated £2.7m revenues in the year to March 2013 with major London market clients. Pre-tax profit on an adjusted basis was £0.38m and gross operating assets were at £0.8m. Charles Taylor's Chief Executive Officer, David Marock, said the acquisition was in line with the company's strategy to deliver growth in its core professional services businesses, providing a competitive advantage on key technology and products."The acquisition allows us to enhance our existing technology platform with KnowledgeCenter's highly regarded knowledge management and workflow products and tailored insurance solutions," he said. "Effective technology solutions, delivered by experienced insurance professionals, are essential for clients in the Lloyd's, London and international re/insurance markets. We believe that combining KnowledgeCenter's products and processes with our highly regarded range of insurance support services will enable us to further develop our existing customer relationships and give us an important competitive edge."RD