Completed Acquisition Enterprise Software Systems
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Microlise Group plc (AIM: SAAS), has completed the acquisition of the entire issued share capital of Enterprise Software Systems (ESS).
On 30 November 2023, the Company announced it had entered into an agreement for a maximum consideration of £8.5m in cash, funded by the Company's cash reserves.
For the 12 months to 31 August 2023, ESS generated revenues of approximately £5.1m and adjusted EBITDA of £1m, with approximately 75 per cent of the revenue being recurring, based on long-term contracts.
The acquisition was conditional upon no objections being raised by the UK Competition and Markets Authority ("CMA"), who have now confirmed no further information is required at this stage.
Nadeem Raza, CEO of Microlise, commented: "The acquisition showcases our commitment to strengthening our TMS offering, which we will now be able to provide to businesses of all sizes. ESS immediately increases our recurring revenues, enhances our earnings, and will provide numerous upsell and cross-sell opportunities. We look forward to updating the market on progress in this respect and on the integration of ESS into the wider Group."
The Company will release a trading update for the year ended 31 December 2023 on Tuesday 30 January 2024.
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