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7 Oct 2014 09:30
For immediate release | 07 October 2014 |
Energy Assets Group plc
("Energy Assets" or the "Group")
Acquisition of Origin Technical Business Services Limited
Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial (I&C) gas metering services in the UK1, today announces that it has acquired the entire issued ordinary share capital of Origin Technical Business Services Limited (Origin), a provider and developer of mobile works management systems, data capture, data hosting and analysis services to both Energy Assets and a number of other customers within the utility sector.
Based in Chesterfield, Origin was established in 2001 and currently has nine employees including a team of software development engineers. Origin has a long standing relationship with the Group and currently provides the software interface and on-site mobile installation and audit platform which is an integral element of Energy Assets' unique project and supply chain management platform 'TEAMS'.
This strategic acquisition secures control of Origin's industry leading mobile work platform and the expertise to continue the development of the Group's web enabled service offering and industry leading IT systems, which provide service differentiation to our customers. All intellectual property rights will transfer on acquisition.
Transaction consideration of £0.85m, which includes an initial payment of £0.4m, a deferred consideration of £0.25m and an amount of £0.2m for the completion cash balance, will be funded from cash reserves in line with the Group's strategy of pursuing attractive opportunities and making acquisitions which add value to the business. Origin is a strategically important acquisition and is not expected to have a short-term impact on the Group's overall financial results.
Phil Bellamy-Lee, Chief Executive of Energy Assets, commented: "The software services that Origin provides are key components of our bespoke management systems and the acquisition will enable Energy Assets to further improve the service offering provided to our customers through differentiated technology. The acquisition of Origin will not only bring important intellectual property and expertise into the Group, but will also further enable us to protect and control a component of our business that has played a major role in our growth and the development of our robust control systems. It is our intention to utilise the benefits of the technology across our multi-utility service offering."
Enquiries
For further information visit www.energyassets.co.uk or contact:
Energy Assets Group plc | |
Phil Bellamy-Lee / John McMorrow | Tel: +44 (0)1506 405 405 |
Buchanan | |
Richard Darby / Clare Akhurst / Louise Mason | Tel: +44 (0)20 7466 5000 |
Numis Securities Limited | |
Charlie Farquhar / Stuart Skinner | Tel: +44 (0)20 7260 1000 |
Macquarie Capital (Europe) Limited | |
Steve Baldwin / Ken Fleming | Tel: +44 (0)20 3037 2000 |
Notes to Editors:
Energy Assets provides metering and related services in the I&C segment of the UK utility market and is the largest independent provider of I&C gas metering services in the UK, by number of assets owned and managed. The Group offers utility suppliers and end-user consumers of energy a broad spectrum of metering services from the provision and management of new and replacement meters through its MAM/MOP divisions to the procurement and project management of related utility infrastructure works and the collection and provision of energy consumption data through the Group's Siteworks and AMR divisions.
Energy Assets is listed on the Main Market of the London Stock Exchange.
1 By number of meters owned and managed
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