TIDMIDOX
RNS Number : 9513A
IDOX PLC
07 June 2021
07 June 2021
Idox plc
('Idox' or the 'Group' or the 'Company')
Acquisition
Idox acquires Aligned Assets , a UK based public sector software
business
ldox plc (AIM: IDOX), a leading supplier of specialist
information management software and solutions to the public and
asset-intensive sectors, is pleased to announce the acquisition of
Aligned Assets Holdco Limited ("Aligned Assets"), a UK based public
sector software business.
Highlights
-- Acquisition enhances Idox's leading offering to local authorities
-- Builds on public sector software focused growth strategy,
following disposal of Content division
-- Initial cash consideration of GBP7.5m paid from Idox's existing resources
-- Expected to be immediately earnings enhancing
Financials
Initial cash consideration is GBP7.5m, increasing to a total
maximum of GBP10.5m, comprising earn-out amounts of up to GBP1.5m
payable in cash and GBP1.5m payable in equity over two years. The
size of earn-out is dependent on progress against targets
associated with retention of existing recurring revenues, winning
new revenues, and delivery of technical advancements and
integrations with the existing Idox Group product set. The
consideration will be funded from Idox's existing financial
resources, which were bolstered by the disposal of its Content
division in March 2021.
About Aligned Assets
A well-established software business with high levels of
recurring revenue, Aligned Assets has provided software solutions
to local authorities and a range of other public and private
sectors for Address Management Solutions for over 20 years.
As market leaders in the address management field, Aligned
Assets provide cutting edge solutions ranging from high-speed
matching and cleansing, to sub-second predictive searching, as well
as solutions for managing, sharing and viewing address data
including in augmented reality. For local authorities, the business
provides specialist cloud-based solutions for creating and managing
Local Land and Property Gazetteers (LLPG) and Local Streets
Gazetteers (LSG), as well as street naming and numbering.
Aligned Assets is based in Woking and has 24 employees. As part
of the acquisition, both Aligned Assets Directors will continue in
their current roles as part of the Idox Group.
Significant benefits to Idox
The acquisition of Aligned Assets will enhance Idox's market
leading offering to local authorities in relation to the built
environment and is in line with Idox's acquisition criteria of
purchasing UK based, public sector focused businesses with strong
internal IP. The product set of Aligned Assets is complimentary to
Idox Cloud and will support future organic growth in this area.
It is expected to be immediately earnings enhancing and the
Board believes there is scope to deliver attractive profit growth
over the medium term through a range of commercial synergies.
David Meaden, CEO of Idox commented:
"This is a valuable acquisition for Idox that builds on our
public sector software focused growth strategy. Having recommended
Aligned Assets to existing customers to use alongside our own built
environment software, the acquisition will enhance and optimise our
current offering and is a natural fit.
"We look forward to welcoming the Aligned Assets team to Idox
and are confident that the combination will drive value for the
customers of both organisations and for shareholders."
Notes:
For the year ended 31 March 2020, Aligned Assets reported
revenues of GBP2.2m and PBT of GBP0.8m. Net assets at 31 March 2020
were GBP2.3m. For the year ended 31 March 2021, Aligned Assets
expects to report revenues of GBP2.7m, of which 75% are recurring
and GBP1.4m of EBITDA, under Idox's accounting policies, with gross
assets of GBP0.4m. Aligned Assets is majority owned and controlled
by its four directors Andy Hird, Dinesh Thanigasalam, Carl Nunn and
Phillip Gee who control 94% of the shares, with certain individuals
making up the other 6%.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
The person responsible for making this notification is Ruth
Paterson, Company Secretary.
-Ends-
Enquiries :
Idox plc +44 (0) 870 333 7101
Chris Stone, Non-Executive Chairman
David Meaden, Chief Executive
Rob Grubb, Chief Financial Officer
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
Edward Knight
Paul Gillam
Nick Prowting
MHP Communications +44 (0) 203 128 8170
Reg Hoare / James Bavister / Amy O'Sullivan idox@mhpc.com
About Idox plc
For more information see www.idoxplc.com @Idoxgroup
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END
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