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Microlise Group plc announced on 11 January 2024 the completion of its acquisition of the entire issued share capital of Enterprise Software Systems (ESS). The acquisition was agreed on 30 November 2023 for a maximum cash consideration of £8.5 million, funded by Microlise's cash reserves, and was conditional upon UK Competition and Markets Authority confirmation of no objections. For the 12 months to 31 August 2023, ESS reported revenues of approximately £5.1 million and adjusted EBITDA of £1 million, with approximately 75% recurring revenue.
| Date | 11 Jan 2024 |
| Time | 07:00:02 |
| Category | Acquisitions and alliances |
| ID | 3103Z |
11 January 2024
Microlise Group plc
("Microlise", "the Group" or "the Company")
Completion of Acquisition Enterprise Software Systems
Microlise Group plc (AIM: SAAS), has completed the acquisition of the entire issued share capital of Enterprise Software Systems (ESS).
On 30 November 2023, the Company announced it had entered into an agreement for a maximum consideration of £8.5m in cash, funded by the Company's cash reserves.
For the 12 months to 31 August 2023, ESS generated revenues of approximately £5.1m and adjusted EBITDA of £1m, with approximately 75 per cent of the revenue being recurring, based on long-term contracts.
The acquisition was conditional upon no objections being raised by the UK Competition and Markets Authority ("CMA"), who have now confirmed no further information is required at this stage.
Nadeem Raza, CEO of Microlise, commented: "The acquisition showcases our commitment to strengthening our TMS offering, which we will now be able to provide to businesses of all sizes. ESS immediately increases our recurring revenues, enhances our earnings, and will provide numerous upsell and cross-sell opportunities. We look forward to updating the market on progress in this respect and on the integration of ESS into the wider Group."
The Company will release a trading update for the year ended 31 December 2023 on Tuesday 30 January 2024.
For further information, please contact:
Microlise Group plc
Nadeem Raza, CEO
Nick Wightman, CFO C/O SEC Newgate
Singer Capital Markets (Nominated Adviser & Broker)
Steve Pearce / James Moat / Harry Gooden Tel: 020 7496 3000
SEC Newgate (Financial PR)
Bob Huxford / Molly Gretton / Harry Handyside Tel: 020 3757 6880
Email: [email protected]
About Microlise
Microlise Group Plc is a leading provider of transport management software to fleet operators helping them to improve efficiency, safety, and reduce emissions. These improvements are delivered through reduced fuel use, reduced mileage travelled, improved driver performance, fewer accidents, elimination of paperwork and delivery of an enhanced customer experience.
Established in 1982, Microlise is an award-winning business with over 400 enterprise clients. With 463 employees based at the Group's headquarters in Nottingham in the UK, the Company also has offices in France, Australia, and India, with a total global staff base of over 670.
Microlise is listed on the AIM market of the London Stock Exchange (AIM: SAAS) and qualifies for the London Stock Exchange's Green Economy Mark.