PHD.L Regulatory News (PHD)

20 Nov 2006 07:01

PROACTIS Holdings PLC20 November 2006 For immediate release 20 November 2006 PROACTIS Holdings PLC ("PROACTIS", the "Group" or the "Company") Acquisition of Requisoft PROACTIS, the specialist Spend Control software provider, today announces thatit has completed the purchase of the entire issued share capital of Requisoftplc ("Requisoft"), an e-procurement software solutions company specialising inthe SME sector, for a consideration of £0.8 million. The consideration will be satisfied by £0.6 million in cash and £0.2 by way of aloan note. In addition, and dependent on financial performance from completionto 31 July 2007, an additional consideration of £0.3m may be paid by way of asecond loan note. Requisoft, based in the West Midlands, provides services to a strong customerlist in both the private and public sector. These include ABN Amro, CliffordChance, Air Mauritius, the Army Technical Support Agency, Banco IMI London, Cityof London Police, BT Syntegra, Cap Gemini, Foreign & Commonwealth Office, GNER,HM Treasury, Herbert Smith, Craegmoor Healthcare and John Lewis Partnership. Forthe six months ended to 30 September 2006, Requisolft had a turnover of £0.4m onwhich it returned an operating loss of £0.1million; gross assets at that datewere £0.2m. All existing employees and members of the management team are transferring withRequisoft following the purchase including the founders Neil Patterson andNeville Howarth. Rod Jones, PROACTIS' Chief Executive Officer commented:"Requisoft is an excellent purchase for PROACTIS, fulfilling all our investmentcriteria. It has a strong business pipeline, a stable maintenance revenue streamand a strong customer base which can be converted easily to the PROACTSsolution. Requisoft is an excellent brand and will enhance our access to the SMEsector." - ends - Enquiries: PROACTIS 01904 481 999Rod Jones, Chief ExecutiveWeber Shandwick Square Mile 020 7067 0700Nick Oborne / John Moriarty / James White Notes to Editors: PROACTIS creates, sells and maintains specialist software under the brandPROACTIS P2P, which enables organisations to streamline, control and monitor allinternal and external expenditure, other than payroll. PROACTIS P2P is alreadyused in over 70 organisations in the UK from the commercial, public andnot-for-profit sectors. PROACTIS is a profitable, high growth business operating from York. It is asales led organisation with a marketing strategy involving a mix of sellingdirect and selling through a number of Accredited Channel Partners. PROACTISdevelops all of its own software with its own in-house team of developers. PROACTIS floated on the AIM market of the London Stock Exchange in June 2006 This information is provided by RNS The company news service from the London Stock Exchange