Acquisition

16 Jan 2006 07:00

Belgravium Technologies PLC16 January 2006 For immediate release 16 January 2006 Belgravium Technologies Plc (BVM:AIM) Acquisition of Novo IVC Belgravium Technologies Plc ("Belgravium" or the "Group"), leaders in real timedata capture systems, announces the acquisition on 13 January 2006 of Novo IVCLtd ("Novo") from WM-data OY ("WM-data") of Finland. Novo operates from Leamington Spa, Warwickshire and supplies passenger retailsystems, particularly for airlines and railways, principally using hardwareprovided by Touchstar Technologies Ltd ("Touchstar"), a company acquired byBelgravium in October 2005. For the year ended 31 December 2004 Novo had audited profit before tax of£653,000, and net assets of £570,000. Novo's unaudited results for the yearended 31 December 2005 are expected to show profit before tax of £250,000. Theacquisition of Novo will increase Belgravium's presence in the passengertransport market and will be highly complementary to Touchstar. The consideration of £1,316,000 was paid in cash, as were the total estimatedcosts of the transaction which amounted to £375,000. At the date of theacquisition Novo had in excess of £600,000 in cash and is budgeted to achieve aprofit before tax of £250,000 in 2006, on sales of £2,500,000. Novo works very closely with WM-data, a leading European information technologyprovider whose products include software for data collection analysis. As partof the deal, the two companies have signed a co-operation agreement aimed atfurther development in these growing markets. Commenting on the acquisition, Belgravium's Chairman John Kembery said: "We are particularly pleased to welcome Novo to the Group. This acquisitionfurther increases the scope of our data capture systems and we look forward to along association with WM-data. Following on from the successful acquisition ofTouchstar, the completion of the purchase of Novo will support our expansion andgrowth into new vertical markets and industries." For further information, please contact: Mark Hardy Managing Director, Belgravium Technologies Plc07768 178317 Kelly-Ann French Buchanan Communications07958 97216401943 883990 This information is provided by RNS The company news service from the London Stock Exchange