Business
Acquisition of FutureGov & Total voting rights
Acquisition of FutureGov & Total voting rights.
About this update from Tpximpact Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8858B Panoply Holdings PLC (The) 12 June 2019 \n\nThis announcement contains inside information\n12 June 2019\n \nThe Panoply Holdings PLC\n(\"The Panoply\", or the \"Group\")\n \nAcquisition of FutureGov\nTotal voting rights\nTransformational deal provides a compelling, alternative proposition to the public sector\n \nThe Panoply Holdings PLC, the digitally native technology services Group, announces the acquisition of the entire issued share capital of FutureGov Limited (\"FutureGov\"), a leader in digital service design for the public sector and health sector (the \"Acquisition\"). \n \nFutureGov has been changing public sector organisations through digital transformation for over a decade, using design, technology and organisation development approaches to create public services fit for the 21st century. As well as adding further service capabilities FutureGov brings strong existing client relationships, including Homes England, Essex County Council, Stockport Council, London Borough of Hackney, North East Lincolnshire Council and NHS Digital. As The Panoply's largest acquisition to date it also adds significant scale to the Group, which will employ circa 305 staff in total following completion of the Acquisition.\n \nFutureGov was incorporated in 2008 and in the year to 31 December 2018 generated revenues of £6.4m, an EBITDA of £1.52m and profit before tax of £1.45m. The acquisition of FutureGov is expected to be immediately earnings enhancing for the Group.\n \nThe Acquisition transforms the shape of The Panoply, with circa 45% of Group revenue, on a proforma basis, originating from the health and public sectors following completion. The combination of FutureGov's wealth of experience and The Panoply's extended capabilities creates a very strong disrupter in these sectors, challenging the status-quo of larger organisations. The Group is now able to offer public sector clients an end-to-end service from discovery through to live digital transformation programmes, which is entirely tailored to the needs of the industry.\n \nFutureGov's Chief Executive Officer, Dominic Campbell, will take on a Group-wide role of Managing Director, Public Sector and Health. His focus will be on securing transformational projects into the sector through the provision of a com...