15 Sep 2010 07:00
For immediate release 15 September 2010
BOND EXTENDS OWNERSHIP IN EDUCATION SECTOR
DATE: Bond International Software, the global provider of recruitment and human capital management software and services, today announced that it has acquired 100% ownership of Strictly Education Solutions Limited (SES) - a joint venture company between Bond's wholly owned subsidiary, Strictly Education Limited ("Strictly Education") and Education Solutions Limited - a provider of services to the education sector. The consideration was £160,000 comprising a £40,000 payment on completion followed by one instalment of £20,000 payable in November 2010 and two instalments of £50,000 each payable in March and July 2011.
In December 2008, SES secured the school support contracts formerly provided by EduAction Waltham Forest Limited. Bond has now taken 100% control of SES, through its wholly owned subsidiary, Strictly Education Limited, in acquiring the remaining 50% of the shares, as it further consolidates its position in the education sector. The conclusion of the acquisition adds a new range of services throughout the Strictly Education business in order to further extend its offering to its customers, in both the state and private schools sectors. . In the year to 31 December 2009, SES produced profits before tax of £42,000.
Strictly Education now has offices in Milton Keynes, Barnsley and North East London and with a turnover now in excess of £7million the organisation is recognised as a growing player in the outsourcing of schools support services. With new government legislation providing schools with more freedom and the ability to gain 'Academy status', Strictly Education is not only well placed to take school's through the entire process of change to become an Academy, but also in providing the ongoing support services thereafter so the school's can concentrate on the teaching and learning.
Through the extension of its ownership, Strictly Education is now able to offer complete ICT support and mobile network cover, as well as adding grounds maintenance, SNA's and cleaning services to its portfolio. This new extended range of services adds £2 million to Strictly Education's income and will add again in the coming year as these services are offered to those school's currently contracted to Strictly Education.
Steve Russell, Chief Executive of Bond International Software, comments, "We consider this to be an opportune time to be expanding the range of outsourced services for the education sector. We anticipate that downward pressure on public sector budgets will see an increase in the outsourced service market in a continued bid to reduce costs and increase efficiency. Specialist service providers, like Strictly Education, which can offer budget strapped schools and colleges real options for productivity improvements and efficiency savings provide solid alternatives for an education sector that is struggling to maintain service levels whilst balancing the books."
ENDS
About Bond International Software www.bondinternationalsoftware.com
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 HR, recruitment, payroll software and bureau services directly to both the public and private sectors.
Established in 1973 and quoted on the AIM market of 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, Canada, South Africa and Hong Kong with a global team of over 400 employees and 3500 customers.
Bond's 3500 customers include some of the largest recruitment agencies in the world, some of the best known corporations and a large number of private sector organisations, including: Adecco, Hays, Michael Page, Manpower, Kelly, Select, HBOS, Habitat, The Co-operative Group, Wincanton, Lego World, Ascot Racecourses, easyJet, Bristol City Council, University of Huddersfield and North-Wales Fire Services.
For further information, please contact:
| Bond International Software plc: | Tel: 01903 707070 |
| Steve Russell: Group Chief Executive | e-mail: ir@bond.co.uk |
| Bruce Morrison: Finance Director |
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| Buchanan Communications: | Tel: 020 7466 5000 |
| Tim Thompson | e-mail : nicolac@buchanan.uk.com |
| Nicola Cronk |
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| Chris McMahon |
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| Cenkos Securities plc: | Tel: 020 7397 8900 |
| Stephen Keys |
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