Business
Acquisition of Truststream Security Solutions Ltd
Acquisition of Truststream Security Solutions Ltd.
About this update from Sysgroup Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2284H\n SysGroup PLC\n 05 April 2022\n \n \n \n \n The information contained within this announcement is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) (\"UK MAR\"). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n 5 April 2022\n \n \n \n \n \n SysGroup plc\n \n \n (\"SysGroup\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Acquisition of Truststream Security Solutions Limited\n \n \n New Banking Facilities\n \n \n \n \n \n SysGroup plc (AIM:SYS), the multi award-winning m\n anaged IT services, cyber security and cloud hosting provider\n , is pleased to announce the acquisition of 100% of the issued share capital of Truststream Security Solutions Limited (\"Truststream\"), a leading provider of managed cyber security services based in Edinburgh (\"the Acquisition\"). The Acquisition has been funded from the Group's existing cash resources supported by a new revolving credit facility provided by Santander. \n \n \n \n \n \n Highlights\n \n \n ·\n Acquisition of Truststream, a fast growing provider of managed cyber security services based in Edinburgh, for an initial cash consideration of £4.8m and a maximum earn out consideration of up to £3.075m over a 24 month period.\n \n \n o \n Truststream generated unaudited revenues of £3.2m and EBITDA of £0.8m in the year to 30 September 2021.\n \n \n ·\n The Acquisition will be funded from the Group's existing cash balance and a new revolving credit facility of £8.0m, further details of which are set out below.\n \n \n ·\n The Acquisition further enhances SysGroup's service offering and is complementary to the Group's core expertise and key areas of focus. In addition, the Acquisition will enable the Group to further strengthen its UK presence by opening up Scotland as an attractive hub for the Group.\n \n \n ·\n Recent investments in SysGroup's business systems and infrastructure are expected to enable Truststream to be integrated seamlessly into our single pane of glass business intelligence plat...