acquisition last year13 Apr 2010 09:52
and placing at 48P!!!!!!!!!!!!!!!!!
Acquisition of Liquidlogic Limited
Institutional Placing of 25,000,000 Ordinary Shares at 48 pence per share
System C, the provider of specialist IT products and services to the healthcare sector, is pleased to announce that it has acquired Liquidlogic Limited, a provider of software and related services to the social care sector, for a total consideration of up to £14.2 million including up to £4.0 million in deferred consideration. In conjunction, the Company has raised approximately £12.0 million through a placing of Ordinary Shares in the Company with new and existing institutional shareholders by Charles Stanley Securities, subject to shareholder approval.
The Enlarged Group is the first major company to specialise in both health and social services solutions for the UK market.
Liquidlogic has over 43,000 users working across 29 children's and 11 adult social care services and a range of NHS organisations. System C has provided consultancy services at over 200 healthcare trusts and installed products from its Medway Sigma range of patient management and clinical software applications in over 30.
Liquidlogic is highly regarded for its innovative range of systems for the social care sector. Its approach is based on providing multi-agency solutions, allowing health, social care, education, police and voluntary sectors to work collaboratively. Its software has been developed specifically to support the secure sharing of information and facilitate the move towards collaborative working which is a major part of the government's vision for delivering improved public services for all.
For System C, the Acquisition represents a significant strategic advance in terms of expanding its customer base and enhancing its portfolio of products and services.
Liquidlogic is System C's largest acquisition to date with an initial consideration of £10.2 million in cash, and deferred consideration of up to £4.0 million, contingent on performance following completion.
In conjunction with the acquisition, System C has raised £12.0 million to maintain the Company's balance sheet strength and provide funding for future growth opportunities.
Commenting, Ian Denley, Chief Executive of System C said:
"I believe the Acquisition has created an exciting group. Not only does the Enlarged Group have excellent prospects in the health market and the social care sector, but it is well positioned to support the government's drive to provide integrated care."
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