30 August 2013
Belgravium Technologies plc ("Belgravium" or the "Company") announces that it has exchanged a conditional contract to acquire the entire issued share capital of Feedback Data plc ("FDP") (the "Acquisition"), for a cash consideration of £600,000, subject to an adjustment to reflect the debt/cash position at completion. Completion is expected to take place on 31 May 2013. The consideration for the Acquisition will be settled from the Company’s existing cash resources.
FDP is currently a wholly owned subsidiary of Feedback plc, an AIM listed company. The Acquisition is conditional upon the approval of Feedback plc's shareholders at a general meeting. Feedback plc has sent a circular to its shareholders convening a general meeting to be held on 30th May 2013.
FDP specialises in workforce management for companies operating in both the industrial and retail environments with an impressive list of clients within the logistics, manufacturing, healthcare, leisure and consumer retail. FDP's systems sit behind thousands of workers capturing millions of actions using wired, wireless and cloud based networks.
With a broad range of data capture products and services FDP provide 'end to end' solutions to a network of long standing customers across three key areas: Time & Attendance, a range of industrial grade data capture terminals and mobile devices that gather data about the actions and movements of personnel within the operation, to enable the customers' core systems and the relevant data to control payroll and billing, whilst also providing feedback on organisational effectiveness; Access Control, a range of hardware and software products that intelligently control the actions of people and resources through an organisation; and Machine to Machine (M2M) device management, a cloud based software service that monitors, tracks and manages large fleets of remote and networked data capture devices from high grade industrial devices to standard issue smart phones which connect directly to the operation’s core IT system.
FDP also provides installation, maintenance and support services annually to a large number of customers across the sectors mentioned above.
The audited accounts for FDP for the year ended May 2012 show a turnover of £1.925 million and a loss before tax and group management charge of £54,000.
Commenting on the Acquisition, John Kembery, Chairman of Belgravium, said "We are delighted to have agreed terms to acquire FDP. FDP operates in sectors that are new and exciting to Belgravium and the Acquisition will enable both FDP and Belgravium to share and utilise their respective hardware and software capabilities. Belgravium brings a strong technical base to FDP's existing business and product ranges. We believe that with the additional resource and investment that we can provide, FDP will soon be restored to a position of profitable growth."
John Kembery, Executive Chairman +44 (0) 7770 731021
Mike Coe (Corporate Finance) +44 (0) 117 945 3470