Completion of Acquisition

RNS Number : 2713F

Quixant PLC

11 November 2015

 

Quixant plc

("Quixant" or the "Company")

Completion of acquisition of Densitron Technologies plc ("Densitron")

Quixant (AIM:QXT), a leading provider of specialised computing platforms for casino gaming and slot machine applications, is pleased to announce completion of the acquisition of Densitron Technologies plc for a total consideration of approximately £7.66m.

Densitron is an electronic display solution provider employing 59 staff in 7 countries.  It has established businesses in a wide range of industrial sectors and is recognised as being a leading provider of display solutions. With a global sales team experienced in selling to industrial markets, the acquisition provides a robust platform for delivering Quixant's computer products to wider industrial markets outside gaming.  In addition, Densitron's extensive product catalogue significantly widens the range of solutions which Quixant can offer, building on their existing monitors business for the gaming industry.

Quixant has established electronic design and Far Eastern manufacturing capabilities which will be leveraged by Densitron to enhance value and quality.

Quixant plan to maintain Densitron as a separate division within the Group.

It is expected that the acquisition will be significantly earnings enhancing in the first full year of ownership.

Commenting on the completion of the acquisition Nick Jarmany, Chief Executive of Quixant, said: "I am excited that we have completed on the acquisition of Densitron. It provides us with a widened global footprint and exposure to a range of industrial markets through their experienced sales team while taking advantage of the synergy and collaboration benefits which have already been identified. This will allow our Quixant management team to remain focused on developing the existing core business.

"The acquisition also complements Quixant's move into the provision of displays to our gaming customers, alongside the specialised computer systems we currently supply."

For further information please contact:

Quixant plc	Tel: [phone]
Nick Jarmany, Chief Executive
Jon Jayal, General Manager
Nominated Adviser and Broker:
finnCap Ltd	Tel: [phone]
Matt Goode (Corporate Finance) Grant Bergman (Corporate Finance) Simon Johnson (Corporate Broking)
Financial PR:
Alma PR
John Coles	Tel: [phone]
Hilary Buchanan	Tel: [phone]

About Quixant

Quixant, founded in 2005, designs and manufactures complete advanced hardware and software solutions (Gaming Platforms) for the pay-for-play gaming and slot machine industry. The Company is headquartered outside of Cambridge in the UK.  Quixant UK Ltd is responsible for the group's global (excluding North America) sales function and its Las Vegas based subsidiary, Quixant USA Inc, is responsible for sales and sales support to the North American market. Quixant has its own manufacturing and engineering operation in Taiwan, which has evolved with the rapid growth of the Company. Quixant's Italian subsidiary, Quixant Italia, houses the Group's software engineering and customer support team. 

Quixant's high quality, specialised products provide an all-in-one solution, based on PC technology but with augmentative hardware features and operating software developed specifically to address the requirements of the gaming industry. Products feature innovative mechanical designs which are optimised for operation in the gaming and slot machine environment. Quixant's proprietary hardware and embedded software is flexible in its design, enabling Quixant to easily respond to changes in regulation or customers operating in different markets or jurisdictions.

In-depth information on the Company's products, markets, activities and history can be found on the corporate website at www.quixant.com.

 

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