Enables IT Group PLC Update on acquisition of The Support Force Group (5134D)

TIDMEIT

RNS Number : 5134D

Enables IT Group PLC

31 March 2014

 
 Date:        31 March 2014 
 On behalf    Enables IT Group plc ("Enables IT", 
  of:          the "Company" or the "Group") 
  Embargoed    0700hrs 
  until:

Enables IT Group plc

Update on acquisition of The Support Force Group

The Board of Enables IT, a leading provider of cloud computing, managed and professional services, is pleased to announce an update on the acquisition of The Support Force Group Ltd on 27 June 2013. The Board is pleased that the acquisition has delivered in all key areas and, in addition, that an early settlement discount in excess of 10% of the remaining consideration has been agreed.

The settlement of this deferred consideration (originally due post-June 2014) will be satisfied by a cash element of GBP144,244 payable over the next five months and shares to the value of GBP289,611 at the end of June 2014 in accordance with the original agreement.

This provides a saving to the Company and certainty to the vendors while allowing the Group to fully integrate the acquisition and for management to focus on the continued organic and acquisitive growth of the business going forward.

Michael Walliss, Chief Executive Officer, said:

"The acquisition of The Support Force Group in June 2013 provided the Company with a number of positives, particularly operations in South Africa, which have significant cost advantages as well as providing a high quality of service. We are pleased to report that this acquisition has delivered in all key areas and that a discounted early settlement has been agreed. As part of its stated strategy Enables IT will continue to seek out complementary acquisitions to augment our compelling organic growth."

-Ends-

Enquiries

 
 Enables IT Group plc                Via Redleaf Polhill 
 Michael Walliss, CEO                enablesit@redleafpr.com 
 
 Cenkos Securities plc (Nominated    +44 (0)20 7397 
  Adviser and Broker)                 8900 
 Max Hartley, Corporate Finance 
 Andy Roberts, Sales 
 
                                     +44 (0)20 7382 
 Redleaf Polhill (Financial PR)       4730 
 Dwight Burden                       enablesit@redleafpr.com 
  Rebecca Sanders-Hewett 
  David Ison

About EnablesIT

Enables IT Group plc is a leading provider of cloud computing, managed and professional services in the UK and North America. From on-premise private cloud networks, our IAAS/SAAS platform HAVEN within both our US and UK Data centres, to backend core network and wireless solutions, Enables IT specialises in the delivery and management of mission-critical services, enabling customers to reduce the costs, complexity and risks associated with their IT infrastructure.

This information is provided by RNS

The company news service from the London Stock Exchange

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