Acquisition of licensing mana

RNS Number : 9211A

IDOX PLC

09 February 2011

 



9 February 2011

IDOX plc

Conditional acquisition of licensing management software company for up to £2.6m

IDOX plc (AIM: IDOX, 'IDOX' or the 'Company'), a leading independent supplier of software and services to the UK public sector and other markets, has conditionally agreed to acquire LalPac Ltd ('LalPac') for a gross consideration of up to £2.6m payable in cash from existing resources.  On completion, an initial payment of £2.3m will be made and a further £0.3m is payable on the first anniversary of completion subject to fulfilment of certain conditions. The acquisition will be immediately earnings enhancing.

LalPac is one of the UK's leading providers of licensing management software and services, supplying 131 local authorities covering the full range of licensing including Taxi, Private Hire, Gambling and General Licensing functions.  LalPac reported revenues of £1.5m in 2010 (unaudited), of which more than 85% is recurring.  LalPac is expected to have cash at completion of £0.8m.  

The completion of the merger is conditional on IDOX receiving confirmation from the Office of Fair Trading ('OFT') that the acquisition will not be referred to the Competition Commission for further investigation in accordance with the Enterprise Act 2002.

Martin Brooks, IDOX Chairman, said:

"The LalPac suite of licensing management software products will take its place as an important part of a broader range of products and services that IDOX offers. This acquisition will provide significant cross-selling opportunities within our customer base and ensure that we continue to deliver innovative solutions to our customers that can help them achieve efficiencies."

Enquiries:

IDOX plc	[phone]
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial Officer
Investec Investment Banking	[phone]
Andrew Pinder Patrick Robb
FinnCap	[phone]
Charles Cunningham (Corporate Finance)
Stephen Norcross (Corporate Broking)
College Hill	[phone]
Adrian Duffield/Kay Larsen

About IDOX plc

IDOX plc is a supplier of software solutions and services to the UK public sector and increasingly to the wider corporate sector. It is the leading applications provider to local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers.

The Group provides public sector organisations with tools to manage information and knowledge, documents and content, business processes and workflow as well as connecting directly with the citizen via the web.

These capabilities have been recently extended via the acquisition of McLaren Software into the related area of engineering document management and control applications, serving many leading international companies in industries such as oil & gas, mining, utilities, pharmaceuticals and transportation.

IDOX also supplies decision support content and additional specialist services via the IDOX Information Solutions business, as well as transforming approaches to knowledge and content management via consultancy and training in the UK and internationally.

In addition, it provides these specialist skills to customers through its TFPL branded recruitment division.

For more information see www.idoxplc.com

 

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