BDI.L Regulatory News (BDI)

17 Jun 2008 09:43



Bond International Software plc

("Bond" or "the Company")

Acquisition of the business and assets of Team Spirit Software Ltd & Headcount Services Ltd

'Continued Consolidation'

Bond International Software plc is pleased to announce the acquisition of the business and assets of two related companies, Team Spirit Software Ltd ("TSS") and Headcount Services Ltd ("HCS") from the administrators.

Headquartered in Essex with approximately 27 staff, TSS specialises in the provision of integrated HR and payroll software to over 250 clients in a wide range of sectors. In the year ended 29 February 2007, TSS reported turnover of £1,974,000 and an operating profit of £563,000.

HCS, which is based in London and employs 18 staff, uses Team Spirit software to provide payroll bureau services to approximately 600 clients. In the year ended 29 February 2007 HCS reported turnover of £1,226,000 and an operating profit of £41,000.

Over the last 18 months Bond have been actively growing their Human Capital Management (HCM) side of the business with recent acquisitions of the GOWI Group and Strictly Education and remain the worlds leading supplier of staffing agency software. TSS and HCS will complement this part of the group's strategy by adding another complimentary profitable business.

This acquisition provides Bond with approximately £2 million of recurring revenue and an increased client base to incorporate into the group's sales and account management programme. The acquisition was completed in a very short timescale to ensure minimum disruption was experienced to the businesses' clients and operations. 

The total consideration will be £1million in cash and the assumption of liabilities of £0.8-£0.9 million.

Commenting on the deal, Steve Russell, CEO of Bond International Software said; 

"In a changing market we continue to support our position as the worlds leading supplier of staffing software but continually look at opportunities in our core markets as they emerge.

The human capital management market offers Bond an exciting opportunity to grow both organically and through acquisition. This acquisition provides not only further scale to Bond but provides security of continued investment in their solutions for TSS' and HCS customers and therefore represents excellent shareholder value." 

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About Bond International Software

London stock market-listed Bond International Software plc is a global provider of recruitment and human capital management (HCM) software and services. 

Bond is the largest provider of specialist staffing software for recruitment agencies worldwide. Is a rapidly growing provider of web-based e-recruitment and talent management software to the corporate market and provides established HR, recruitment and payroll software & services directly to the private, public and education sectors.

Established in 1973 and listed on the London Stock Exchange since 1997, the company has consistently achieved financial growth and maximised investment in the development of technology and service provided to its international client base.

It has over 30 years experience in the development and creation of products and services that have become industry standards. Headquartered in the United Kingdom, the Group also has offices in the United States, Australia, South Africa and Hong Kong with a global team of over 400 employees.

Bond's 3,000 customers include some of the largest recruitment agencies in the world, some of the best known corporations and a large number of private and public sector organisations, including: Adecco, Hays, Michael Page, Manpower, Kelly's, Select, HBOS, Habitat, Co-op, Wincanton, Lego World, Ascot Racecourses, EasyJet, Bristol City Council, University of Huddersfield and North-West Fire Services.