Business
Acquisition of Baum Hart & Pa
Acquisition of Baum Hart & Pa.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n RNS Number : 8416J Manpower Software PLC 10 December 2008 \n \n\nMANPOWER SOFTWARE PLC\n\nACQUISITION OF THE BUSINESS AND CERTAIN ASSETS OF BAUM HART & PARTNERS \n\nManpower Software (\"Manpower Software\" or \"the Company\") has agreed to acquire the business, goodwill and certain assets of Baum Hart & Partners (\"BHP\" or \"the Partnership\") for a total consideration of up to £2.2 million, of which £1.7 million is payable in cash at completion. Please refer below for further details on the total consideration. \n\nThe acquisition is expected to close on 17 December 2008 (\"Completion\").\n\nBHP's business\n\nBHP, which was established in 1990, is a provider of integrated software systems, consultancy, training and support services principally to the National Health Service (\"NHS\").\n\nBHP has 15 employees (including the managing partner, Mr Chris Lee) who will all be joining Manpower Software as part of this acquisition. BHP operates solely in the UK. In the year to 31 March 2008 (the \"Financial Year 2008\"), BHP generated revenues (according to the unaudited management accounts of the Partnership) of approximately £1.8 million and EBITDA (prior to partner drawings) of approximately £790,000. \n\nBHP generates revenues from perpetual licence fees, annual support and maintenance, hosting, transaction charges, consultancy and training services. Revenues from support and maintenance, hosting and transaction charges (contracted revenues which are recurring in nature) amounted to approximately £1.1 million (some 60% of total revenues) in the Financial Year 2008. \n\nThe principal product of BHP is StaffBank, an application for the placing of staff into temporary positions from a bank of employees. In addition, BHP offers a range of financial accounting products developed for the UK healthcare and education markets, and MESaLS, a web-enabled requisitioning, logistics, tracking and stock management application for the healthcare market. \n\nBHP's customers include NHS Professionals, an organisation developed by the Department of Health to provide innovative, flexible staffing solutions for the NHS. BHP has developed and manages the StaffBank appl...