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On 1 August 2023, AdvancedAdvT Limited completed the acquisition of five software businesses from Capita plc for a combined enterprise value of approximately £33 million in cash. These acquired businesses generated approximately £35 million in total revenue in the year ended 31 December 2022, with about 74% recurring or Software-as-a-Service, and AdvancedAdvT Limited's shares will remain suspended on the Official List.
| Date | 1 Aug 2023 |
| Time | 07:00:06 |
| Category | Acquisitions and alliances |
| ID | 8090H |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
1 August 2023
AdvancedAdvT Limited
Completion of Acquisitions
AdvancedAdvT Limited (LSE: ADVT, the "Company") has completed the acquisition of the entire issued and outstanding share capital of five software businesses (the "Acquisitions") from Capita plc.
On 8 June 2023, the Company announced it had entered into an agreement to pay a combined enterprise value of approximately £33 million in cash for the Acquisitions, funded by the Company's cash reserves.
In the year ended 31 December 2022, the Acquisitions generated a total revenue of approximately £35 million, with approximately 74% of the revenue being recurring or from Software-as-a-Service (SaaS).
The Acquisitions were conditional upon National Security and Investment Act approval, which has been received.
Share suspension
The Acquisitions constitute a reverse takeover under the Listing Rules and accordingly the Company will need to apply for re-admission of its shares to the Official List. Until such time as the Company is able to provide full disclosure under Listing Rule 5.6.15, the Company's shares will remain suspended on the standard segment of the Official List and trading from the London Stock Exchange.
The Company is considering making an application for admission of the Company's shares to trading on AIM, which would necessitate the publication of an admission document and compliance with customary regulatory requirements.
Further announcements and updates will be made in due course.
Enquiries:
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AdvancedAdvT Limited |
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Vin Murria |
c/o Meare Consulting |
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Meare Consulting |
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Adrian Duffield |
Tel: 07990 858548 |
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Singer Capital Markets (Broker) |
Tel: 020 7496 3000 |
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Phil Davies |
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George Tzimas |
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Asha Chotai |
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Sam Butcher |
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KK Advisory (Investor Relations) |
Tel: 020 7039 1901 |
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Kam Bansil |
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Further information on the Company can be found on its website at www.advancedadvt.com. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.