24 May 2022

Marlowe plc

Acquisition of Cedrec Information Systems Limited

Marlowe plc ("Marlowe" or the "Group"), the leader in business-critical services and software which assure safety and regulatory compliance, announces that it has acquired Cedrec Information Systems Limited ("Cedrec"), a leading digital platform providing Environmental, Health and Safety ("EHS") data & information, for an enterprise value of up to £3.0 million (the "Acquisition").

Headquartered in Gateshead and established in 1994, Cedrec provides data, information and legislative insights to approximately 1,000 customers who subscribe to its SaaS platform to manage their environmental and health & safety compliance processes.

Following the acquisition of Barbour EHS from Informa plc in July 2021, the addition of Cedrec to Marlowe will deepen Marlowe's EHS Intelligence proposition and further increase the Group's SaaS Annual Recurring Revenues.

In the year to 30 April 2021, Cedrec generated revenues of £1.3 million and adjusted EBITDA of £0.45 million. Net assets as at 30 April 2021 were £1.2 million. The Acquisition consideration consists of an initial payment of £2.4 million, and subsequent deferred consideration of £0.6 million which will be payable after 12 months based on the completion of certain integration objectives. The Acquisition consideration will be settled in cash and funded from Marlowe's existing cash resources.

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About Marlowe plc

Marlowe is a UK leader in business-critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services. It is focused on compliance software, eLearning, health & safety, employment law and HR compliance, fire safety & security, water & air hygiene and occupational health services - all of which are vital to the wellbeing of its customers operations and are invariably governed by regulation. Marlowe currently provides software to over 1 million users and services to over 25% of Britain's commercial premises. The Group provides customers with a single outsourced, nationwide, provider of a range of regulated compliance and safety solutions. Our customers can be found in office complexes, high streets and leisure facilities, manufacturing plants and industrial estates, and include thousands of SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.