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Acq & brief trading update

21 Jul 2005 07:00

CODASciSys PLC21 July 2005 CODASciSys plc Acquisition of Simple Concepts AB for CODA Divisionand brief trading update ACQUISITION CODASciSys plc ("CODASciSys", stock code: CSY), the IT software and servicesprovider, announces the acquisition of the entire share capital of SimpleConcepts AB ("Simple Concepts"), a financial consolidation software specialist,for an initial cash consideration of €3.25m together with further incentivebased payments of €0.25m plus 5% of OCRA product licences sold over the nextthree years. Simple Concepts' operation, based in Stockholm, Sweden, will provide the CODADivision with a base from which to market the full range of CODA's solutionsinto the Nordic region. CODA already has a strong client base in the area,including global shipping group Wallenius Wilhelmsen and OMX, operators of StockExchanges across the Nordic and Baltic region. The new operation will providesales, support and consulting services to users in the region as well as seekingto attract new clients. Simple Concepts also operates in Tallinn, Estonia,which will now become CODASciSys' first directly owned operation in the BalticStates. The CODA Division does not plan any major restructuring as a result ofthe acquisition, with the services of all management and staff being retained.Simple Concepts employs 19 people. The acquisition will also bring ownership of OCRA, a leading industry-recognisedsoftware suite for financial consolidation and treasury. The addition of thesefunctions to its existing product range will allow CODA to offer a directlyowned comprehensive solution for the finance department covering financialaccounting and procurement; consolidation and treasury, planning and budgeting;reporting and analytics; and process control and compliance management. The OCRAproduct range will be promoted to CODA's 2500 clients as an integrated part ofthe CODA suite and to new prospects as a stand-alone accounting consolidationsolution. In the year to December 2004, Simple Concepts' turnover was €1.8 m. and theoperating profit before tax (adjusted according to CODASciSys accountingpolicies and changes arising as a result of this transaction) was €200,000. Netassets as at December 2004 were not material. Planned investment in thebusiness during the second half of 2005 is expected to result in an approximatebreak-even result for the remainder of this year. Commenting on the acquisition, Graham Steinsberg, CODASciSys Group CEO, said: "This acquisition represents the next stage in the development of our Europeanexpansion strategy, following on from our recent acquisition in France and ouroffice opening in Germany last year. It allows CODA to provide enhanced levelsof service to our Nordic clients and to offer all our existing and potentialclients worldwide a complete finance solution which will now include a wellestablished consolidation and treasury suite. We are delighted with thisacquisition which we expect to be earnings enhancing during 2006." BRIEF TRADING UPDATE The CODASciSys Group also announces today that, following the end of its firsthalf of 2005, it continues to expect its results for 2005 to be in line withmarket expectations. Background Information The CODASciSys Group The CODASciSys Group, based in the UK, provides IT services and businesssolutions to a broad, worldwide base of clients. It comprises two maindivisions, the CODA Division (CODA) and the SciSys Division (SciSys), and iscommitted to delivering quality services, solutions and consultancy that deliverreal business benefits. CODA is focused on the delivery of financial intelligence through solutionsbased around financial analytics and accounting. SciSys concentrates ondelivering professional software services and on designing and building systemsthat incorporate third party packaged software. Each Division addresses well defined markets and together they serve a largeinternational client base. The Group supplies solutions that include financialaccounting and intelligence systems, management information systems andreal-time control systems. It supplies services that include consultancy,project management, system design, implementation and support and maintenance. The market sectors in which the Divisions operate include Utilities, Defence,Government, Communications, Retail, Business Services, Space, Transport, Bankingand Insurance. Clients are typically blue chip organisations, and largegovernment or quasi-government institutions. Within the UK, the Group has offices in Chippenham, Harrogate, Bristol, Readingand Nottingham. It services clients internationally through a network of directoffices in North America, The Netherlands, Belgium, France, Germany, Singapore,Malaysia and Australia and partners throughout the rest of the world. For further information please contact:Bryan Hucker, Group Finance Director, CODASciSysTelephone 01249 466466E-mail: investorrelations@codascisys.co.uk Barrie Newton, Rowan DartingtonTelephone 0117 933 0011 This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
20th Jun 20195:39 pmRNSForm 8 (DD) - SCISYS
19th Jun 20195:57 pmRNSDirector Dealings
17th Jun 20192:48 pmRNSForm 8 (DD) - SCISYS Group PLC
17th Jun 20199:48 amRNSRecommended Cash Offer
14th Jun 201911:05 amRNSSecond Price Monitoring Extn
14th Jun 201911:00 amRNSPrice Monitoring Extension
14th Jun 20199:00 amRNSPrice Monitoring Extension
14th Jun 20197:29 amRNSRECOMMENDED CASH OFFER
6th Jun 20193:29 pmRNSResult of AGM
6th Jun 20197:00 amRNSAGM Statement
20th May 20191:53 pmRNSDirector/PDMR Shareholding
16th May 20198:00 amRNSEuronext Growth Dublin Notice
10th May 20194:35 pmRNSExercise of Options and Total Voting Rights
2nd May 20198:00 amRNSEuronext Growth Dublin Notice
30th Apr 20197:00 amRNSContract Win
25th Apr 20196:33 pmRNSReplacement RNS - Exercise of Options and TVR
25th Apr 20194:38 pmRNSExercise of Options and Total Voting Rights
23rd Apr 201912:32 pmRNSAnnual Report and Financial Statements
16th Apr 20194:44 pmRNSDirector/PDMR Shareholding
28th Mar 20197:00 amRNSPreliminary Results for the year ended 31 Dec 2018
25th Jan 20197:00 amRNSPre-Close Trading Update and Notice of Results
16th Jan 20197:00 amRNSContract win
10th Jan 20197:00 amRNSContract Win
3rd Jan 20197:00 amRNSContract Win
24th Dec 20187:00 amRNSContract Win
20th Dec 20181:44 pmRNSContract Win
18th Dec 20187:00 amRNSAppointment of Director
17th Dec 20187:00 amRNSContract Win
28th Nov 20188:14 amRNSFirst day of dealings
27th Nov 201812:53 pmRNSScheme Effective
27th Nov 201811:02 amRNSCourt Sanction of the Scheme
27th Nov 20187:30 amRNSSuspension - SCISYS PLC
19th Nov 201812:07 pmRNSResults of Court Meeting & Scheme General Meeting
16th Nov 20182:16 pmRNSDirector/PDMR Shareholding
29th Oct 20182:45 pmRNSIssue of Equity
26th Oct 201810:00 amRNSSchedule One - SCISYS Group PLC
26th Oct 20187:00 amRNSPosting of Scheme Document
24th Oct 20182:05 pmRNSSecond Price Monitoring Extn
24th Oct 20182:00 pmRNSPrice Monitoring Extension
23rd Oct 20185:46 pmRNSDirector Dealings
22nd Oct 20182:33 pmRNSChange of Auditor
17th Oct 201811:26 amRNSDirector Dealings
17th Oct 201811:15 amRNSBrexit Contingency Planning
27th Sep 201812:28 pmRNSDirector Dealings and Issue of Equity
20th Sep 20187:00 amRNSInterim Results
18th Sep 20187:00 amRNS£2m contract for TfL's Future Bus programme
30th Aug 20187:00 amRNSSCISYS HELPS SAVE THE UK'S SOUNDS
30th Aug 20187:00 amRNSTrading Update and Notice of Interim Results
18th Jul 20184:43 pmRNSDirector Dealings
17th Jul 20183:18 pmRNSTransaction in Own Shares and Total Voting Rights

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