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(Alliance News) - Panoply Holdings PLC on Wednesday said it will acquire Ameo Professional Services Ltd for a combination of cash and the issue of shares.
The technology services company said it will acquire the public sector-focused consultancy for cash of GBP2.2 million and through the issue of 5.9 million shares. Additionally, upon completion of the transaction Panoply will pay a further GBP1.3 million.
The stock was untraded on Wednesday afternoon in London, last quoted at 74.90 pence each.
Following admission of the new shares, the company's issued share capital will comprise 55.1 million shares.
Panoply said it believes the acquisition will bring additional capabilities to its public sector offering as well as extend its reach into the public sector market. It added that Ameo has "considerable" experience delivering projects across other sectors such as higher education, energy & utilities, and various industries within the private sector.
"This acquisition increases our relevance and puts us in a stronger position to target and win larger, more strategic engagements at the heart of the UK public sector, said Chief Executive Neal Gandhi.
"The public sector needs to continue on its digital transformation journey with urgency, encouraging staff to embrace modern ways of working and speeding up the adoption of cloud platforms. As an agile native, cloud-only organisation, Panoply is able to cater to this need and the addition of Ameo will support us in addressing this pressing demand," he added.
In the year to October 31, 2019, Ameo posted pretax profit of GBP1.0 million on revenue of GBP6.9 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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