SSY.L Regulatory News (SSY)

2 Aug 2005 07:02

CODASciSys PLC02 August 2005 CODASciSys plc ACQUISITION OF COMPLIANCE SOFTWARE PRODUCT CODASciSys plc ("CODASciSys", stock code: CSY), the IT software and servicesprovider, announces that its CODA Division has today acquired the SOCETTMproduct suite and associated intellectual property rights from Control SolutionsInternational Inc. The SOCET suite was initially designed by Control Solutions (a specialist USconsultancy in the field of corporate compliance) to help companies facilitate,and demonstrate, compliance with the Sarbanes-Oxley Act of 2002. As newcorporate governance legislation is introduced around the world, the task ofcompliance is becoming ever more complex - requiring advanced software tools.The area of compliance has attracted considerable growth in demand for softwareand services, particularly since 2002; leading industry analysts forecast thatthis growth will continue. SOCET will provide CODA with direct access to a number of high-profile existingusers of the software, particularly in the United States. Further salesopportunities are expected amongst CODA's existing 2,500 clients as well as toprospective new clients. A nominal consideration is to be paid for the product suite. However, CODAplans additional investment to enhance the product and to improve its widerapplicability. Commenting on the acquisition, Graham Steinsberg, CODASciSys Group CEO, said: "This acquisition, which is expected to be earnings enhancing during 2006,represents the next stage in the development of our product strategy. Itpositions CODA as a global player in providing support for companies faced withthe increasing pressures posed by corporate governance legislation. CODA'svision continues to be to offer all our existing and potential clients worldwidethe most complete and focused finance solution available." For further information please contact: Graham Steinsberg, Group Chief Executive Officer, CODASciSysTelephone 01249 466466 E-mail: investorrelations@codascisys.co.uk This information is provided by RNS The company news service from the London Stock Exchange