Last checked at 9 Jul 2009 09:13
| 9 July 2009 | (AIM: AVI) |
Avisen plc
("Avisen" or the "Company")
Acquisition of the assets of Quadrum Consulting (Proprietary) Limited
Avisen, the AIM quoted performance management specialist, announces the acquisition of the business and assets of Quadrum Consulting (Proprietary) Limited ("Quadrum"). Quadrum is a leading IBM Cognos Business Partner in South Africa and specialises in the IBM Cognos TM1 offering.
The total consideration for the acquisition is £200,000, which will be satisfied by the issue of 1,379,310 new ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 14.50p, equivalent to the closing middle market price of the Ordinary Shares on 8 July 2009.
Quadrum's unaudited management accounts for the year ended 28 February 2009 show profit before tax of £98,280, on turnover of £312,117. The value of its net assets as at 28 February 2009 was £170,520. Quadrum, which was founded in 2006, provides business-centric Business Intelligence, Planning, Forecasting and Activity Based Costing and Financial Consolidation solutions for its clients. Quadrum works in partnership with IBM Cognos, the world's leading developer of Enterprise Business Intelligence and Performance Management software, in order to provide a comprehensive range of services, including software licenses, consultancy, development, training and post implementation support.
Following the acquisition, Avisen will be positioned as a leading IBM Cognos reseller and consultancy both in the UK and in South Africa. The Company will have access to both Quadrum's blue-chip client base and its pool of skilled resources, which are intended to augment Avisen's offshore services capability.
Douard le Roux and Steven Joffe, the co-founders and senior executives of Quadrum, with join the Avisen (Pty) Limited (the Company's South African subsidiary) management team and extend their respective team's capability to service both the local and European markets.
Application will be made for 1,379,310 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 15 July 2009. Following the issue of these shares, the Company will have a total of 115,570,456 Ordinary Shares in issue.
For further information, contact:
| Avisen plc | |
| Marcus Hanke (CEO) | Tel: +44 (0)870 880 2978 |
| Louis Peacock (Executive Director and Acting CFO) | Tel: +44 (0)7899 667533 |
| NOMAD and Broker: | |
| John East & Partners Limited, a subsidiary of Merchant Securities Plc | Tel: +44 (0)20 7628 2200 |
| Bidhi Bhoma | |
| Financial PR: | |
| Bishopsgate Communications | Tel: +44 (0)20 7562 3355 |
| Robyn Samuelson | |
| avisen@bishopsgatecommunications.com | |