Computer Software Group PLC
26 June 2006
26 June, 2006
Computer Software Group plc
Acquisition of Laserform International Limited for £4.8 million
Computer Software Group plc ("CS Group"), the AIM-listed niche IT software
consolidator, is pleased to announce the acquisition of the whole of the issued
share capital of Laserform International Limited ("Laserform"), a leading
provider of specialist documentation and practice management software, for a
total consideration of £4.8 million. This has been satisfied by £4.3 million of
cash provided from an additional banking facility, and also by the issue of
474,712 ordinary shares in CS Group, credited as fully paid. On completion of
the acquisition, Laserform had cash reserves of £1.5million.
Following the acquisition of AIM Group Holdings Limited in April 2006, this
transaction represents CS Group's second acquisition of a specialist software
company servicing the legal sector.
With offices in central London and Lymm in Cheshire, Laserform is a leading
provider of forms software to the legal sector. In an industry affected by ever
changing regulations, its software is used widely in the legal sector.
Laserform has a client base of over 2,000 firms which includes 80 of the top 100
legal practices in the UK. Recurring revenues account for approximately 70% of
Laserform's subsidiary, LFM Partnership Solutions Ltd ("LPS"), supplies practice
management software, and synergies are planned with AIM Group Holdings Limited,
which operates in the same niche market.
Laserform's audited but not consolidated accounts to 30 September 2005, and
those of its subsidiary company LPS, recorded combined sales of £4.1 million and
EBITA of £0.5 million. The combined net assets of Laserform and LPS as at 30
September 2005 were £0.4 million.
The Chairman and majority shareholder of Laserform, Barry Hawley-Green will
retire from the business upon acquisition. The remaining six executive directors
will continue to be responsible for the day to day operations of Laserform.
Commenting on the acquisition, Vin Murria, Chief Executive of CS Group, said:
"I am delighted that we are announcing this acquisition less than two months
since we first entered the legal market. Laserform is a key component of our
strategy to establish a strong position in the legal software sector, which we
are well on the way to achieving. Laserform's products and services will enable
us to maximise cross-selling opportunities across the legal sector and its
practice management software will integrate well with our existing AIM Group
- Ends -
Computer Software Group plc 020 8879 3939
Vin Murria, CEO
Barbara Firth, CFO
Financial Dynamics 020 7831 3113
Giles Sanderson / Hannah Sloane
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