Business
Acquisition of Compliance Week
Acquisition of Compliance Week.
About this update from Wilmington Plc
[{"type":"text","content":"\n \nRNS Number : 8372L Wilmington Group Plc 16 August 2013 \n \n\n \n \n16th August 2013\n \n \nWilmington Group plc\n \nAcquisition of Compliance Week further strengthens Wilmington's presence in the governance, risk and compliance market and establishes a significant operational base in North America\n \n \nWilmington Group plc, the provider of Information, Compliance and Education to professional markets (\"Group\" or \"Wilmington\") announces the acquisition of the trading assets and certain liabilities of Compliance Week (\"Compliance Week\"), the leading provider of governance , risk and compliance (\"GRC\") information and events for public companies and large enterprises primarily in the US. Compliance Week is being acquired from Haymarket Media Group for a net consideration of $11.215m in cash. Further deferred consideration of up to $3m is potentially payable in cash subject to Compliance Week achieving challenging profit growth targets in the financial year ended 30th June 2015. \n \nThe consideration and any deferred consideration will be financed out of the Group's existing £65m multicurrency debt facility and the acquisition is expected to be earnings enhancing in the first full year of ownership.\n \nCompliance Week was established in 2002 and was acquired by Haymarket Media Group in June 2008. Compliance Week focuses on global regulatory and compliance issues related to financial reporting, regulatory enforcement, corporate governance, and enterprise risk management, from consumer privacy to data management. The acquisition further strengthens Wilmington's presence in the global GRC market and establishes a significant operational base in North America.\n \nApproximately 50% of Compliance Week's revenue is derived from subscriptions, and a further 30% largely from annual conferences and events including their annual flagship event \"Compliance Week Conference\" described as \"the Davos of Compliance\". The remainder of revenue relates to digital products, events and ebooks with approximately 10% of revenue generated from print based and advertising products. Just over 12% of Compliance Week's turnover is generated outside of the US and the acquisition will increase the proportion of Wilmington's revenue generated from international markets.\n&nb...