Business
Acquisition
Acquisition.
About this update from Wilmington Plc
[{"type":"text","content":"\n \nRNS Number : 3205T Wilmington PLC 29 March 2016 \n\n \n29 March 2016\nWilmington plc\n \nAcquisition of Evantage Consulting Ltd \n \n· Evantage will strengthen Analytics offerings across Wilmington's Healthcare business\n \nWilmington plc (\"Wilmington\" or \"the Group\"), the knowledge leader in Risk & Compliance, Finance, Legal, and Insight, announces the acquisition of Evantage Consulting Ltd (\"Evantage\" or \"the business\"), a leading UK-based provider of specialist Healthcare and Pharmaceutical Analytics solutions.\n \nWilmington, through its healthcare analytics subsidiary NHiS, the provider of business intelligence and data analysis to the pharmaceutical industry has partnered with Evantage for over five years. \n \nThe acquisition will sit within Wilmington's Insight division and will enhance its healthcare analytics offer to UK and overseas clients; areas in which Wilmington has been seeing strong growth. Evantage brings specialist knowledge and experience in the analysis of healthcare admissions, pathway and treatment data as well as industry-leading competence in customer engagement and optimisation solutions for the Life Sciences sector.\n \nWilmington is paying an initial £1.4m with a deferred cash consideration of up to £4.6m by 2020 based on stretching profit based targets. The transaction will be financed out of the Group's existing £65.0m multi-currency debt facility. It is expected to be earnings enhancing in the first full year of ownership.\n \nInformation on Evantage\n \nEvantage was established in 2001 by Julian Snape and Chris Wiggins to provide outsourced analytics and resource optimisation solutions for the UK pharmaceutical industry. Today, it also delivers solutions to international clients in Europe, the Middle East and Asia. Julian and Chis will continue in the business post acquisition. \n \nIn the year to 31 October 2015, Evantage reported revenues of £1.1m (1) and profits before tax of £0.9m (1).Gross assets were £1.2m (1).\n \nAcquisition rationale\n \nThe acquisition of Evantage is consistent with Wilmington's strategy of acquiring complementary businesses with high repeat revenues and strong, cash generative income streams in the Group's key markets. Evantage enhances Wilmington's an...