Information  X 
Enter a valid email address

Computer Software (CSW)

  Print      Mail a friend

Tuesday 08 May, 2007

Computer Software


Computer Software Group PLC
08 May 2007

8 May, 2007

                          Computer Software Group plc

                 Acquisition of FAST Limited for £10.5 million

Computer Software Group plc ("CS Group") is pleased to announce the acquisition
of the whole of the issued share capital of FAST Limited ("FAST") for a total
consideration of £10.5 million to be satisfied  in cash provided by an
additional banking facility. At completion, FAST Limited had cash resources of
£5 million.

FAST Limited, which is based in Maidenhead, is a software training, education
and membership organisation focussed on software licence compliance. The
organisation supports its 2,600 members in achieving and maintaining the FAST
Standard for Software Compliance (FSSC - 1:2004) (the "FAST Standard").  The
FAST Standard was developed in collaboration with BSI British Standards and also
addresses a significant proportion of the requirements of ISO/IEC 19770-1, the
International Standard for Software Asset Management.

FAST Limited's audited consolidated accounts to 28 February 2007 recorded sales
of £7.0 million and EBITA of £1.5 million. The net assets of FAST Limited at 28
February 2007 were £1.2 million.

The Chief Executive, Geoff Webster, and Finance Director, Tracey Baldwin, will
both resign from the business upon acquisition.

Commenting on the acquisition, Vin Murria, Chief Executive of CS Group, said:

"CS Group believes that IT compliance is an important component of business risk
management for businesses of any size. FAST's structured methodology complements
our existing compliance technology, which includes training and Lexcel legal
compliance.  Furthermore, our expanded solution portfolio will enable us to
provide compliance benefits to a wide range of customers and sectors in
particular the Legal and Not for Profit sectors."

                                    - Ends -


Computer Software Group plc                             020 8879 3939
Vin Murria, CEO
Barbara Firth, CFO

Financial Dynamics                                      020 7831 3113
Juliet Clarke/Hannah Sloane

                      This information is provided by RNS
            The company news service from the London Stock Exchange