Business
Acquisition
Acquisition.
About this update from Dillistone Group Plc
[{"type":"text","content":"\n \nRNS Number : 8505I Dillistone Group PLC 09 July 2013 \n \n\n\n\n\n9 July 2013\n \nDillistone Group Plc\n(\"Dillistone\" or the \"Group\")\n \nAcquisition \n \nDillistone, the AIM quoted supplier of software to the recruitment industry is pleased to announce that on 8 July 2013 it completed the acquisition of FCP Internet Holdings Limited (\"Holdings\"). \n \nThe acquisition is consistent with Dillistone's strategy of enhancing strength and achieving scale through acting as a consolidator in a largely fragmented market. \n \nHoldings is a non-trading holding company. Its wholly owned subsidiary and sole asset, FCP Internet Limited (\"FCP\") (www.evolvedb.co.uk/), sells its Evolve software product to its target market of recruitment agencies. This product, which is wholly delivered through a Software as a Service (\"SaaS\") model, is designed to facilitate the filling of temporary or permanent vacancies and is used by hundreds of users around the World. FCP operates in the same market sector as the Group's Voyager Software business and is UK based.\n \nFor the year ended 31 October 2012 the unaudited statutory accounts of FCP showed revenues of £941,297, and an underlying profit before tax of £171,056. Net assets at 31 October 2012 amounted to £189,138. \n \nThe unaudited non consolidated accounts for Holdings for the period ended 31 October 2012 showed net assets at that date were £1,680. Holdings did not trade in the period and therefore had nil revenue and profit. Prior to the acquisition, Holdings sold its compliance software subsidiary NowWeComply Limited (\"NWC\").\n \nFCP will become part of the Group's Voyager Software division, and it is anticipated that considerable synergies will be achieved as a result of the acquisition. All staff, with the exception of the departing Directors, Nick John, Ben Stoneham and Stephen Bullock (NED), are expected to remain in the Group. \n \nFCP and Dillistone share a common culture and belief that the market will ultimately be driven by suppliers with sufficient scale to support ongoing investment in product development and customer service, with a global reach to match the evolving needs of recruitment companies. \n \nThe Voyager Software division itself was created as a result of the Group's ...