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Cybit

  • BY: Andrew Hore |
  • POSTED: 24/08/2007 |

Telematics service provider Cybit is buying a UK rival for £4m.

The initial payment for Amatics is £4m but up to £2m could be paid on the basis of performance over the next two years.

Amatics is strong in the utilities and local authority markets. Customers include Scottish Water, South East Water and Monmouthshire Council. Councils use the system to help manage gritting and other services. The business will be combined with Cybit’s existing operation in these sectors to forma separate sales unit.

Amatics has contracted revenues of £1.7m. It generated revenues of £3.3m in 2006 but they are expected to fall this year. Cybit expects to be able to reduce costs and improve its buying power. The initial payment will be £3.5m in cash and the rest in shares at a price of 52p, against a market price of 47p.

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