News

Innovise acquires software division of Expolink Europe Ltd

28th October 2010

Innovise plc, the AIM-quoted software solutions and IT services provider, is pleased to announce that it has agreed to acquire the software division of Expolink Europe Ltd for a total consideration of £810,000 in cash assuming zero net assets on completion.

Based in Chippenham, Wiltshire, Expolink Software was founded over 10 years ago and competes with Innovise in the facilities management, transport and NHS markets. The division has a portfolio of products led by its Maximiser solution for quality monitoring and is a specialist in applications using mobile devices for data collection. 

Mike Taylor, CEO of Innovise, said: "Expolink Software has been a highly respected and successful competitor for many years, with a large and loyal customer base, excellent products and a great team. I am delighted that we will be able to combine the products and talent within our businesses to better serve our joint customer base. I am confident the expanded business will enable us to generate sustainable long-term growth through continued innovation in our chosen niche markets.”

David Crook, Chairman of Expolink Europe , said: “Our software division has grown steadily over the years but has reached a stage where more focus is required to fulfil its potential. I am delighted to see the business move forward under Innovise’s ownership and have every confidence in its future success.”

For the year to April 2010, Expolink’s software division reported sales of almost £900,000. Innovise will fund the acquisition through a £500,000 loan note and operational cash flow. The Board of Innovise expect the acquisition to be at least earnings neutral in the current financial year and earnings enhancing thereafter.

Completion of the acquisition is expected to take place on or before 10 November 2010.

In addition to its software division, Expolink Europe Ltd has call centre and whistleblowing hotline businesses which are not part of this transaction.

For further information contact:

Mike Taylor
Chief Executive, Innovise plc                             0870 626 0400                                                                                  

Tony Edwards
Finance Director, Innovise plc                          0870 626 0400                                                            

Edward Hutton
Nominated Adviser, Astaire Securities plc      020 7492 4750                                                                              

Ian Foster
Shareholder Relations, Wordsworth Communication Ltd        077 3918 5050