Acquisition

4 Feb 2005 07:00

CODASciSys PLC04 February 2005 CODASciSys plc Acquisition of French Distributor for CODA Group CODASciSys plc ("CODASciSys", stock code: CSY), the IT software and servicesprovider, announces the acquisition of the entire share capital of its Frenchdistributor. CODASciSys is today announcing the acquisition of its French Distributor knownas CODA France. The purchase consideration is a maximum of £3.2m, subject toearn-out arrangements. It is expected to contribute revenue of approximately£3m and be earnings enhancing during 2005. All staff and management at CODAFrance will remain with the company. The acquisition follows the recent opening of a direct sales operation in Essen,Germany and is a continuation of the Group's expansion into the European Market.CODA France was CODA's primary distributor in France and operated under theCODA brand through a licensing agreement with CODA Group. The newly acquiredcompany will continue to market under the name of CODA France. Commenting on the acquisition, Graham Steinsberg, CODASciSys Group CEO, said, 'CODA-France has been very successful in representing CODA to the French marketand to local customers. This deal underlines the central role of the Frenchmarket in CODA's European business strategy.' Ends For further information please contact: Graham Steinsberg, Group Chief Executive Officer, CODASciSys Telephone 01249 466466 E-mail: investorrelations@codascisys.co.uk Barrie Newton, Rowan Dartington Telephone 0117 933 0011 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, Germany, Singapore, Malaysiaand Australia and partners throughout the rest of the world. This information is provided by RNS The company news service from the London Stock Exchange