13 Feb 2015 07:00
13 February 2015
Instem plc("Instem" or the "Company")
Perceptive Instruments Earn Out Payment
Instem plc (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, announces that it has paid in full the performance based earn out of £300,000 in respect of the acquisition of Perceptive Instruments Limited ('Perceptive').
Earn Out Payment
As a result of Perceptive achieving all of the specified earn out targets for the period to 21 November 2014, the Vendors have been paid the maximum additional consideration of £300,000 in accordance with the Acquisition Agreement.
Background to the Acquisition
Instem acquired Perceptive in November 2013 for a maximum consideration of £1.3m, including the conditional earn out, marking the Company's entrance into the in vitro R&D marketplace.
Perceptive is located in Suffolk, UK, and develops, manufactures and supplies software and hardware products for in vitro study data collection and study management in the genetic toxicology, microbiology and immunology markets. Perceptive is the leading technology provider within its niche market and there are few competitors active in the space.
Phil Reason, CEO of Instem, said: "The acquisition of Perceptive has been a success, not only in terms of the financial contribution the acquisition has made to date, but also in terms of expanding the Company's offering into the in vitro data collection and study management in the genetic toxicology, microbiology and immunology markets. We are looking forward to another strong contribution from this area in 2015 and beyond."
For further information, please contact:
Instem plc | Tel: +44 (0) 1785 825 600 |
Phil Reason, CEO | www.instem.com |
Nigel Goldsmith, CFO |
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N+1 Singer (Nominated Adviser & Broker) | Tel: +44 (0) 20 7496 3000 |
Richard Lindley |
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Nick Owen |
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Walbrook PR Ltd | Tel: +44 (0) 20 7933 8780 or |
Paul Cornelius | instem@walbrookpr.com |
Sam Allen |
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Nick Rome |
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About Instem
Instem is a leading supplier of IT applications to the early development healthcare market, delivering compelling solutionsfor data collection, management and analysis across the R&D continuum. Instem applications are in use by customers worldwide, meeting the rapidly expanding needs of life science and healthcare organizations for data-driven decision making leading to safer, more effective products.
Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonization of actionable scientific information.
Instem supports over 400 clients through full service offices in the United States, United Kingdom and China with additional locations in India and a full service distributor based in Japan.
To learn more about Instem solutions and its mission, please visit www.instem.com