BDI.L Regulatory News (BDI)

15 Feb 2007 07:01

Bond International Software PLC15 February 2007 For Immediate Release 15th February 2007 Bond International Software plc ("Bond" or "the Company") BOND ACQUIRES STRICTLY EDUCATION LIMITED TO FURTHER EXTEND SERVICES IN THE EDUCATION SECTOR Bond International Software plc., the worldwide recruitment, HR and payrollsoftware solutions provider, announced today that it has acquired StrictlyEducation Limited - a specialist service provider to the education sector - fora consideration of £2.68million to funded out of existing cash resources. Strictly Education is a wholly owned subsidiary of Esos Group Limited, a sistercompany of recruitment business Pertemps Limited. Based in Milton Keynes,Strictly Education employs 35 people and provides its HR, finance, propertysupport and payroll services to over 500 schools across the UK. The unauditedaccounts for the year ended 31 December 2006 show revenues of £1.9m, a profitbefore tax of £0.3m and net assets at 31 December 2006 of £0.2m. Following the January 2007 acquisition of GOWI Group, Bond now operates from sixlocations around the UK and has offices in the United States, Australasia, SouthAfrica and Hong Kong with a global team of over 350 employees and turnover inexcess of £20 million. The acquisition of Strictly Education fits in very well with Bond's clearlystated strategy of acquiring businesses in similar and related industries withinthe field of Human Capital Management. It continues to grow in its market bothorganically and through a number of targeted acquisitions. In addition to its market leading recruitment software, Adapt, Bond delivers afocused and dedicated range of solutions that are market leaders within thefield of HR and Payroll - with a particular emphasis in the public, educationand publishing sectors. Steve Russell, Chief Executive of Bond , comments, "We see the education sectoras a tremendous growth opportunity. Strictly Education adds a range of servicesofferings that are complemented by our existing product line and they haveestablished a solid business in the UK dealing with 500 schools in a market ofsome 30,000." Russell adds, "They have a team of highly skilled employees in a vertical marketwhich we see as key to our future activities . More and more schools are takingcontrol of their own administration and outsourcing the fundamentals of HR,finance, property support and payroll." "Our market leading product range fits neatly into what is an establishedrecurring revenue business and there are significant cross selling opportunitiesbetween the existing businesses for both products and services," concludesRussell. Tracey Bovingdon, Managing Director of Strictly Education, who joins Bond asDivisional Director, adds, "By combining our respective skills and products thismerger creates a tremendous platform for not only new business but also theability to provide additional products and services to our loyal customer base." Bond combines people, skills, solutions and infrastructure to deliver excellenceat every level in Human Capital Management. - E N D S For further information, please contact: Buchanan Communications: Tel: 020 7466 5000Tim Thompson / Nicola Cronk / Robin Haddrill Notes to editors: Bond International Software is a worldwide provider of software solutions in thefield of Human Capital management. It is a world leader in staffing software torecruitment consultancies & corporations and provides HR, recruitment & payrollsolutions to the public, education & publishing sectors. It has over 30 yearsexperience in the development and creation of products and services that havebecome industry standards. Headquartered in the United Kingdom, the group alsohas offices in the United States, Australasia, South Africa and Hong Kong with aglobal team of over 350 employees. This information is provided by RNS The company news service from the London Stock Exchange