Business
Acquisition of Interactive Medica
Acquisition of Interactive Medica.
About this update from Wilmington Plc
[{"type":"text","content":"\n \nRNS Number : 9055A Wilmington PLC 04 January 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION for the purposes of Article 7 of EU Regulation 596/2014.\n4 January 2018\nWilmington plc\n \nAcquisition of Interactive Medica\n-Strengthens Wilmington's digital presence across the European healthcare market -\n-Brings positive cross-sell opportunities, proven technology and recurring revenue streams -\n- Increases presence in pharmaceutical CRM and Key Account Management (KAM) software and solutions marketplace -\n \nWilmington plc (\"Wilmington\" or the \"Group\"), the knowledge leader in Risk & Compliance, Professional, and Healthcare, announces it has reached an agreement to acquire the Interactive Medica S.L. group of companies (\"IM\" and the \"Acquisition\") for an initial consideration of €2.8m with an adjustment for working capital, payable on completion. IM comes with an estimated €0.6m of cash on completion with further deferred consideration of up to €1.6m subject to IM achieving revenue targets for the period to 31 December 2019. The consideration is to be funded from the Group's existing debt facilities and the Acquisition is expected to complete by 31 January 2018. \nThe Acquisition is consistent with Wilmington's strategy of acquiring complementary businesses with high levels of recurring revenue and strong cash generation. IM will sit within Wilmington's Healthcare division which remains one of the priority areas for the Group's capital allocation. \nBackground to Interactive Medica\nInteractive Medica is a pan-European provider of cloud-based insight, CRM and KAM offerings to the pharmaceutical industry. It is based in Madrid with offices in Holland, UK, and Sweden. IM holds a niche but important position in the pharmaceutical customer relationship and account management software and solutions marketplace. IM's revenue is predominantly subscription based and around 75% of its 2016 revenue came from mainland Europe with the balance from the UK.\nIM has 14 staff across its various locations. The existing management team will continue in the business and IM clients will continue to be supported through the various locations around Europe. \nAcquisition rationale\nThe global life science and medical technology industries operate a complex \"go to market\" strategy which requires ...