News blog
Xploite
- BY: Andrew Hore |
- POSTED: 26/05/2009 |
Xploite has sold its IT managed services subsidiary Anix for £31.5m.
This operation has been built up through acquisitions. It is the second time that Xploite has been a consolidator in the IT services sector and then sold on the business it has developed.
US-based ACS Business Process Solutions is buying Anix and there will be a £3m deduction from the purchase price relating to working capital and debt. There is also a £3.15m retention relating to potential warranty claims – that is payable 15 months after the sale is completed. Xploite says that the offer was unsolicited.
Edison Investment Research had previously estimated that the business could be worth £50m but there is still a £10.5m gain on disposal.
The shares rose 0.5p to 59p each, which values Xploite at £23.3m.
The deal leaves Xploite with £20m in cash – including the retention - and the Storage Fusion storage analytics software business. However, there is still a dispute with Aim-quoted Cantono over the amount of deferred consideration payable for Blue River Systems. Cantono is still waiting to be paid £1.1m.
Storage Fusion has developed Storage Resource Analysis software. Xploite intends to sell software licences and set up a portal to offer the software on a cost per use basis.
Edison estimates that Storage Fusion could be worth £10m. Edison also believes shares in Xploite are worth around 60p each.
Management will look for another consolidation opportunity in the IT sector. It believes that weak valuations will provide suitable opportunities.
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