TIDMTIA

RNS Number : 2397K

Tialis Essential IT PLC

20 December 2022

Tialis Essential IT Plc

("Tialis" or the "Company")

Acquisition

Tialis, the mid-market network, IT Managed Services provider is pleased to announce the exchange of contracts for the purchase of profitable partner contracts from Allvotec, a division of Daisy group adding an expected c. GBP5.7m in revenue in FY23. Completion is expected to occur on 31 January 2023 ("Completion").

The acquisition will bring three new channel partners to Tialis, supporting the diversification of Tialis' partner base and will also build on the existing relationship that Tialis has with its largest channel partner.

In addition, 140 staff will transfer from Allvotec to Tialis to ensure the smooth transfer and execution of the contracts.

Andy Parker, Chairman of Tialis commented: "This is a pivotal moment in the continued recovery and restructure of Tialis. The acquisition of these profitable contracts will further cement the position of Tialis as a partner of choice for the services it provides. Adding around 50% more to the revenues next year and three new channel partners will boost profit for Tialis in 2023 and provide longer term opportunities with the new partners."

Revenue and EBITDA from these contracts are expected to be approximately GBP12.5m and GBP1.5m respectively over the 12-month period to 31st December 2022.

The contracts will be acquired for an expected consideration of GBP2.144m, payable over a two-year period, GBP2.037m will be paid at Completion and the balance paid on a deferred basis, subject to certain performance conditions. All consideration will be paid in shares of Tialis at a share price of 89.2p (the "Consideration Shares"), being the share price for the recent debt conversion.

It is the current intention that Matthew Riley, the Founder and Chairman of Daisy will join the Board of Tialis as a Non-executive Director upon Completion.

An application will be made to the London Stock Exchange for the initial Consideration Shares to be admitted to trading following completion. A further announcement will be made in due course.

For more information, contact:

 
 Tialis Essential IT Plc                     Tel: +44 (0)344 
  Andy Parker, Non-Executive Chairman         874 1000 
 finnCap Limited                             Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                0500 
  Corporate finance: Jonny Franklin-Adams/ 
  Abby Kelly 
  ECM: Tim Redfern

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQUKORRUKUUAUA

(END) Dow Jones Newswires

December 20, 2022 02:00 ET (07:00 GMT)

Tialis Essential It (LSE:TIA)
Gráfica de Acción Histórica
De Abr 2024 a May 2024 Haga Click aquí para más Gráficas Tialis Essential It.
Tialis Essential It (LSE:TIA)
Gráfica de Acción Histórica
De May 2023 a May 2024 Haga Click aquí para más Gráficas Tialis Essential It.