Business
Disposal of Due North
Disposal of Due North.
About this update from Pulsar Group Plc
[{"type":"text","content":"\n \nRNS Number : 8723N Access Intelligence PLC 03 February 2016 \n\n \n \n \nFOR RELEASE \n3 february 2016\n \nACCESS INTELLIGENCE PLC \n(\"Access Intelligence\" or the \"Group\")\n \nDisposal of Due North Limited\n \n \nAccess Intelligence plc (AIM: ACC) a leading supplier of Software-as-a-Service (SaaS) solutions for reputation and operational risk management, announces that it has disposed of its wholly owned subsidiary Due North Limited (\"Due North\"), for an aggregate cash consideration of £4.5 million, to Proactis Holdings plc (AIM: PHD, \"Proactis\"), the global spend control and eProcurement solution provider. \n \nDue North, established in 1993, is a leading provider to the public sector of cloud-based strategic sourcing solutions in the UK. For the financial year ended 30 November 2015, the Group's unaudited management accounts show a revenue contribution from Due North of £1.79 million with EBITDA of £0.36 million and profit before tax of £0.18 million. The purchase price of Due North reflects a multiple of 12.6x EBITDA. For the year ended 30 November 2014, Due North reported turnover of £2.0 million on which it made an operating profit (before depreciation and amortisation) of £0.5 million and its reported net assets were £2.3 million.\n \nThe total value of the net assets being disposed of as at 30 November 2015 was approximately £2.5 million.\n \nThe net proceeds of the disposal will be used to strengthen the Group's balance sheet and provide additional working capital to support the growth and development of the Group.\n \nCommenting on the disposal, Joanna Arnold, CEO, said: \"The divestment of Due North from the Group is in line with our strategy to focus on SaaS solu...