Business
Acquisition of SoNET Systems Pty Ltd
Acquisition of SoNET Systems Pty Ltd.
About this update from Rm Plc
[{"type":"text","content":"\n \nRNS Number : 1329C RM PLC 14 June 2019 \n\nRNS ANNOUNCEMENT\n14 June 2019\nRM PLC \n(\"RM\" or the \"Group\")\nAcquisition of SoNET Systems Pty Ltd\n \nRM plc, a leading supplier of IT software and services to the UK and international education markets, has acquired SoNET Systems Pty Ltd (\"SoNET\") for a consideration of £7.3 million.\nHeadquartered in Melbourne, Australia, SoNET provides Software as a Service platforms principally to the education and government sectors. \nAcquisition highlights:\n \n· SoNET's e-testing software augments RM's existing e-marking capability. This will enable RM Results to offer full end-to-end digital assessment services in the online testing and marking of exams to both existing and new customers.\n· This acquisition will open new market opportunities and accelerate the growth of the RM Results division.\n· SoNET delivered revenues of £3m in the year to 30 April 2019 and brings several new customers to the Group in Asia Pacific and Europe.\nCommenting on the acquisition, David Brooks, Chief Executive of RM, said:\n\n\"SoNET is a business that RM knows well and has previously worked with successfully. This acquisition demonstrates RM's ambition to invest in new technology and will help accelerate international growth.\nDigital assessment is a growing segment within the education market and RM Results has established itself as a market leader. The addition of SoNET's expertise will further strengthen our ability to capitalise on this growth opportunity.\nWe look forward to welcoming the SoNET team and being able to offer our customers a full end-to-end digital assessment service.\"\n \n\nContacts:\n \n\n\n\nRM plc\n\n\n \n\n\n\n\nDavid Brooks, Chief Executive Officer\nNeil Martin, Chief Financial Officer\n\n\n08450 700 300\n\n\n\n\n \nHeadland Consultancy (PR adviser to RM)\n\n\n \n\n\n\n\nStephen Malthouse, Chloe Francklin\n\n\n0203 805 4822\n\n\n\n \nNotes to Editors:\n \nRM is a UK listed EdTech company, providing market-leading products and services to educational institutions, exam bodies and international governments which improve, simplify and support education and learning. \n \nTechnology is transforming Education, and RM is uniquely positioned to capitalise on t...