Leading IT provider acquires security business to broaden breadth of offering
The Board of Associated Network Solutions plc ("ANS"), an independent UK
Information Technology solutions provider, announces today that it has agreed
to acquire the business of Business Integrated Operating Systems Ltd ("BIOS"),
a North West-based security solutions provider. All the consideration is
deferred and linked to the financial performance of the business over the next
18 months. It is envisaged that all the consideration will be funded out of the
cash flows of the business in the first 18 months. The acquisition is
anticipated to add annualised turnover of circa GBP2.5m, and be earnings
enhancing within the first 12 months. Len Findlay, who is the founder of BIOS,
and Ian Grisdale will remain as Directors of the business.
CONSIDERATION
Consideration for the acquisition will be satisfied by cash consideration with
two-thirds being linked to the profitability of the business over the next 18
months and the remaining third linked to the increase in the value of the
support base over the next 12 months.
ABOUT BIOS
BIOS was founded in 2001 by Mr. Findlay, and has established itself as a
communications partner to a number of NHS trusts and large corporations.
BIOS provides communications solutions, penetration testing and Voice over IP
solutions, to cus tomers including the NHS and Enterprise PLC. It also has
achieved a number of accreditations including "Premier Cisco Partner" with
security specialisation and Internet Security Systems (ISS) Platinum Partner.
Today's news follows ANS' June Final Results, for the period ended 31 March
2006, which reflected an increase in PBT of 49%.
Commenting today on the acquisition ANS Chairman,
Scott Fletcher, said:
"This acquisition marks another key milestone in the Company's development as a
leading provider of Information Technology solutions. The Company has been
looking for an appropriate acquisition, and BIOS meets its criteria on a
synergistic level with cross selling opportunities in hand. Furthermore BIOS
adds a Security practice to the current ANS offering.
"BIOS is a well-established, fast-growing company that provides
the perfect building block for ANS' expansion. We are very pleased with this
acquisition and look forward to working closely with its current management
team in order to enhance the business in the coming months."
Len Findlay , Director of BIOS, added:
"We believe that long term benefits, both to BIOS' staff and cus tomer base,
will be gained from today's acquisition and are delighted to have come aboard
at a very exciting time for both businesses."
Enquiries
ANS Plc
Tel: 0161 227 1000
Scott Fletcher, Chairman
Paul Sweeney, Managing Director
paul.sweeney@ansgroup.co.uk
St Helen's Capital Plc
Tel: 020 7628 5582
Barry Hocken
barry.hocken@sthelenscapital.com
Bishopsgate Communications Ltd
Tel: 020 7430 1600
Dominic Barretto Sophie Davis
dominic@bishopsgatecommunications.com
Notes to Editors:
Associated Network Solutions plc ("ANS") is a leading UK information technology
solutions provider and winner of the annual Inner City 100 Award. Answering
real business issues, ANS has built a portfolio of 300+ cus tomers in a variety
of market sectors, including Local and Central Government, NHS, Legal,
Commercial and Financial Services. Visit us at www.ansgroup.co.uk