Capita agrees to sell AMT Sybex
24 December 2021
This announcement contains inside information
Capita agrees to sell AMT Sybex
Capita plc (‘Capita’) today announces that it has agreed to sell its AMT Sybex software business to Jonas Computing (UK) Limited (‘Jonas’), in a deal that values AMT Sybex at up to £40m.
AMT Sybex is the leading provider of critical utilities and infrastructure software in the UK. Its software facilitates efficient and reliable energy provision by balancing supply and demand.
Jonas will pay £23m on completion, which is scheduled for 1 January 2022. Potential additional consideration of up to £17m is payable to Capita over 24 months, subject to certain conditions.
The reported revenue and profit before tax of AMT Sybex for the year to 31 December 2020 were £40m and £12m respectively. Gross assets were £77m at 30 June 2021
The AMT Sybex senior management team and employees will remain with the business.
Capita previously announced its intention to sell a number of non-core businesses to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience. The sale of AMT Sybex brings the total proceeds from disposals in 2021 to at least £643m. We continue to target £700m of non-core disposals proceeds by June 2022.
Jon Lewis, Capita’s Chief Executive Officer, said: “We are pleased to have agreed the sale of our AMT Sybex business to Jonas following a competitive sale process.
“As we continue to simplify and strengthen the business, this disposal is another step towards a more focused and sustainable Capita for the long term.
“At the same time, our AMT Sybex colleagues and clients will join an established industry organisation with plans to take the business onto the next stage of its development.”
Capita is being advised on the transaction by Torch Partners.
For more information, please contact:
Investor enquiries
Stuart Morgan
Director of Investor Relations
Tel: 07989 665484
Email: IRteam@capita.co.uk
Media enquiries
Capita external communications
Tel: 0207 654 2399
Email: media@capita.co.uk
About Capita
Capita is a consulting, transformation and digital services business. Every day our 55,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between government and citizens, businesses and customers. We partner with our clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best and making people’s lives easier and simpler. We operate across three divisions – Capita Public Service, Capita Experience and Capita Portfolio – in the UK, Europe, India and South Africa. Capita is quoted on the London Stock Exchange (CPI.L). Further information can be found at: http://www.capita.com
About AMT Sybex
AMT Sybex http://www.amt-sybex.com/ is the leading provider of critical utilities and infrastructure software in the UK. Clients rely on its software for the daily operation of the country’s utilities market, facilitating the balance of demand and supply and ensuring the markets run efficiently and reliably. AMT Sybex’s software is used to manage data flows for more than 35 million electricity and gas meter points, with around two million records processed per day.
About Jonas Computing (UK) Limited
Jonas Computing (UK) Limited is part of the Jonas Software operating group, which contains a diverse collective of over 100 independently managed software companies around the world, providing them with the strategic guidance and financial security required to be leaders within their respective markets.
Important notices:
Torch Partners IB Limited (“Torch”) is acting as financial adviser to Capita plc and no one else, in connection with the transaction, and will not be responsible to anyone other than Capita for providing the protections afforded to clients of Torch nor for providing advice in relation to the transaction, or any other matter or arrangement referred to herein. Neither Torch nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Torch in connection with this announcement, any matter, arrangement or statement contained or referred to herein or otherwise.
Torch Partners IB Limited is an appointed representative of Torch Partners Corporate Finance Limited (“TPCFL”) which is authorised and regulated in the UK by the Financial Conduct Authority. TPCFL’s Berlin office is authorised and regulated by the Financial Conduct Authority and authorised and supervised by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Torch Partners Corporate Finance Inc is a member of FINRA and SIPC and is authorised to conduct business as a broker-dealer in the US.
Ends
Latest directors dealings
- 43 minutes ago Diageo
- 49 minutes ago IMI
- 1 hour ago Softcat
- 4 hours ago Tertiary Minerals
- 4 hours ago Hargreaves Services