Business
Acquisition and Convertible L
Acquisition and Convertible L.
About this update from Pulsar Group Plc
[{"type":"text","content":"\n RNS Number : 8558U Access Intelligence PLC 01 July 2009 \n \n1 JULY 2009\n\nACCESS INTELLIGENCE PLC\n\n('Access Intelligence' or 'the Company')\n\n\nAcquisition and Convertible Loan Note\n\n\nThe Board of Access Intelligence is pleased to announce the acquisition of Ether-Ray Limited ('Ether-Ray') for a consideration of £2.413 million (subject to certain adjustments) payable in cash, and the issue of £1.75 million of Convertible Loan Notes.\n\nAcquisition of Ether-Ray Limited \n\nEther-Ray was founded by Raul Gonzalez in 1999 and is based in Old Street, London. Ether-Ray's products are delivered via the Software-as-a-Service ('SaaS') model with the majority of customers on six year subscription contracts, where subscriptions are paid annually in advance. Ether-Ray has approximately 188 customers, of which around 150 are on the hosted platform. Raul will stay on as a consultant for a limited period to help transition the business into the Access Intelligence group.\n\nEther-Ray's MARCOMM product provides on-demand, hosted software for the corporate communications teams within the public sector. All facets of the communications function, including media and public relations, stakeholder management, internal comms, and marketing aims to increase productivity and efficiency by having easy access to the software that streamlines and simplifies the workload. Through MARCOMM users are able to capture, create, distribute and analyse all communications, driving brand recognition in the communities they serve and upholding the reputation of their organisation.\n\nIn addition, Ether-Ray's CODEX product is an online contacts database of journalists and media professionals. It is available 24/7 and takes the 'Wikipedia' / Web 2.0 approach where businesses can help each other by compiling and updating a definitive list of UK journalists. \n\nEther-Ray's unaudited turnover for the year ending 31st August 2008 was £888,000 (2007: £564,000), generating an unaudited profit before interest and tax of £380,000 (2007: £217,000). \n\n\nMichael Jackson, Access Intelligence's Executive Chairman, commented:\n\n'Ether-Ray is one of the market leaders i...