Business
Acquisition
Acquisition.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n Manpower Software PLC\n07 April 2008\n\n\nMANPOWER SOFTWARE PLC (\"the Company\")\n\nACQUISITION ANNOUNCEMENT\n\n\n7 April 2008\n\nManpower Software plc is pleased to announce the acquisition of Key IT Systems\nLimited (\"Key IT\"), the market leader in the provision of software solutions for\nthe management of temporary staff (otherwise known as \"bank staff\") in the NHS\nfor an initial consideration of £375,000 in cash. Deferred consideration of up\nto a further £455,000, to be paid in ordinary shares in the Company (such shares\nto be issued at the closing mid-market price of the Company's ordinary shares as\nat 4 April 2008, which was 53.5 pence per ordinary share), will be payable\ndependent upon the level of support contract renewals in 2008 and 2009.\n\nThe acquisition of Key IT enables Manpower Software to offer a fully integrated\ne-rostering and bank staffing solution to Key IT's customers, where the Company\nwill be represented in more than 90 additional NHS Trusts.\n\nKey IT's unaudited profit before tax for the year ended 31 January 2008, as\nreported by management, was £50,682. Further, the vendors of Key IT have\nwarranted that the net assets of Key IT at completion will be not less than\n£29,395, which figure excludes any value attributable to capitalised research\nand development costs.\n\nThe Directors believe the acquisition will be earnings enhancing in the first\nfull year of ownership, before any amortisation of intangible assets or\nimpairment review of goodwill.\n\n\n\n Ian Bowles, CEO of Manpower Software plc, said:\n\n\n\n\"Our business strategy for the Healthcare sector is to be the leading supplier\nof workforce optimisation solutions to the UK NHS and broader healthcare\nmarkets. The acquisition of Key IT considerably strengthens our position and\nmoves us closer to the accomplishment of that goal. The combined strength of\nthe two businesses will bring real benefit to all our NHS and healthcare\ncustomers, and we look forward to demonstrating our continued commitment to the\nhealthcare industry over the coming months.\"\n\n\n\nEnquiries:\n\nManpower Software plc\n\nSimon Thorne, Chief Financial Officer 020 7389 9500\n\n\nNumis Securities\n\nMichael Meade\nJames Black 020 7260 1000\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length"...