Acquisition

Mission Testing PLC 28 August 2001 Embargoed until 7.00 am 28 August 2001 Mission Testing plc ('Mission Testing' or the 'Company') Acquisition of Specialist Testing Solutions Ltd ('STS') for £3.7 million Mission Testing plc, the AIM-listed software testing consultancy and services provider, is pleased to announce that it has acquired the entire issued share capital of Specialist Testing Solutions Limited, a private UK based software testing consultancy, for an aggregate consideration of £3.7 million (the 'Acquisition'). For the year ended 31 December 2000, STS reported revenue of £1.2m and profit before tax of £190,548 and had net assets of £80,507. The Directors of Mission Testing believe that the Acquisition will be earnings enhancing for the Company in the year ending 30 June 2002. The Acquisition is in line with Mission Testing's stated strategy of enhancing organic growth through selective, complementary acquisitions. It is the Company's ambition to be the leading consolidator within the industry. Information about STS STS is a rapidly growing UK-based software testing consultancy business employing 43 staff, including 32 skilled software testing consultants. Client projects range from testing retail and investment banking systems through to quality assurance of e-government programmes. STS also has specific strengths in performance testing and has developed proprietary software to streamline the execution and analysis of results when testing the performance capacity and response times of large internet-enabled or legacy systems. The three Directors (who are also the shareholders) of STS have many years experience of planning and managing large software testing programmes and will remain with the business. The clients and staff of STS are a highly complementary fit with Mission Testing's own strong client base and capabilities and the Directors of Mission Testing will quickly integrate STS within Mission Testing's trading subsidiary, Mission Testing Europe Limited. STS's Manchester office is a strategic geographic addition to Mission Testing's offices in Gatwick and the City and will be used immediately to give local support to a major financial services organisation that has recently engaged Mission Testing. The Consideration The consideration is to be satisfied by a payment of £700,000 in cash on completion with the balance being settled by the issue of a total of 1.6 million new ordinary Mission Testing shares (the 'New Shares'). Of these shares, 1,350,000 were issued on completion (the 'Initial Shares') and the remainder will be issued following the Company's AGM this year (the 'Deferred Shares') .The New Shares, which will rank pari passu in all respects with the existing issued shares, will be subject to lock-in arrangements up to the publication of the Company's interim results for the 6 months ended 31 December 2002. Application will be made for the New Shares to be admitted to trading on AIM. Trading is expected to commence in the Initial Shares on 4 September 2001 and in the Deferred Shares after the Company's 2001 AGM. Tony Wells, Mission Testing's Chief Executive, said: 'The market for software testing continues to present substantial opportunities for Mission Testing to supply organisations who increasingly recognise the benefits of utilising an independent testing consultancy. The acquisition of STS is the first step of the Group's stated strategy at the time of flotation: to accelerate organic growth plans and selectively consolidate first class businesses in this tremendously exciting, yet highly fragmented global market.' Mission Testing is due to announce its preliminary results for the year ended 30 June 2001 on Monday, 17 September 2001. For further information please contact: Mission Testing plc 01293 457123 Tony Wells, Chief Executive www.missiontesting.com Square Mile BSMG Worldwide 0207 601 1042 Edward Macquisten Note to Editors Mission Testing is the leading provider of specialist software testing solutions and services for a wide range of software applications and business sectors. The Company was admitted to AIM on 6 December 2000, raising net proceeds of £8.8m. The Company's client base principally comprises 'blue chip' companies in the banking and finance, technology and telecoms sectors. Its interim results announced in March 2001 reported an 83 per cent increase in turnover and 105 per cent increase in pretax profits.
UK 100

Latest directors dealings