Last checked at 27 Apr 2009 07:00
27 April 2009
(AIM: AVI)
Avisen plc
('Avisen' or 'the Company')
Acquisition of Eon Enterprises Limited
Avisen, the AIM quoted performance management specialist, announces the acquisition of the entire issued share capital of Eon Enterprises Limited ("Eon"). Eon's sole wholly owned subsidiary, Infocube Limited ("Infocube"), is a leading Cognos and IBM Business Partner. The total consideration for the acquisition is £585,130.
The consideration is being satisfied by a £130,000 cash payment (which is payable in installments prior to 31 July 2009) and the issue of 2,889,711 new ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 15.75p, equivalent to the closing middle market price of the Ordinary Shares on 23 April 2009. Infocube's unaudited management accounts for the period ended 31 March 2008 show profit before tax of £103,086 on turnover of £1,208,501. The value of its net assets as at 31 March 2008 was £270,020. Eon has no trading activity and its sole function is to act as Infocube's holding company.
Infocube, founded in 1988, provides practical and cost-effective Business Intelligence, Planning, Forecasting and Data Warehousing solutions for its clients. Infocube works in partnership with Cognos, an IBM company, and the world's leading developer of Enterprise Business Intelligence and Performance Management software, in order to provide a comprehensive range of services, including software licences, consultancy, development, training and post implementation support.
Following the acquisition, Avisen will be positioned as a leading IBM Cognos reseller and consultancy in the UK and will have access to Infocube's blue-chip client base. This deal further augments Avisen's ability to provide high-end consulting and advisory services.
Ian Stone, the sole shareholder of Eon, managing director of Infocube and previously a sales executive at Cognos, will join Avisen's share option scheme and will be eligible for option grants with the same EBIT performance criteria as other key executives.
In addition, it is intended that Mr Stone will be appointed to the board of Avisen in due course. Ian Stone has agreed not to dispose of the Ordinary Shares received in consideration for the acquisition for a period of 12 months from the date of admission, without the prior written consent of Avisen.
Application will be made for 2,889,711 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 1 May 2009. Following the issue of these shares, the Company will have a total of 114,191,146 Ordinary Shares in issue.
Marcus Hanke, CEO of Avisen, commented:
"This is Avisen's second acquisition this year as our aggressive growth strategy continues. Avisen will now be positioned as a leading IBM Cognos reseller and consultancy provider in the UK which further enhances our services. We would like to welcome Infocube's team on board and we look forward to working alongside them."
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For further information, please contact:
| Avisen plc | |
| Marcus Hanke (CEO) Duncan Neale (CFO) | Tel: +44 (0)870 880 2978 |
| NOMAD and Broker: John East & Partners Limited | |
| Bidhi Bhoma | Tel: +44 (0) 20 7628 2200 |
| Financial PR: Bishopsgate Communications | Tel: +44 (0) 20 7562 3355 | |
| Jenni Herbert Siobhra Murphy avisen@bishopsgatecommunications.com | ||
Notes to Editors:
Avisen
Avisen is a business and technology consultancy specialising in performance management with a focus on strategy creation, development and implementation. It provides advisory services and software distribution of solutions in the corporate performance management market. Avisen aims to provide specialist advice to enable organisations to build more effective capabilities to manage the performance of their businesses and allow them to achieve their desired targets.