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26 Apr 2019 | 08:36

Adept to acquire Advanced Computer Systems Group for up to £7.5m

Adept Technology Group signed an agreement to acquire Advanced Computer Systems Group and its trading subsidiary Advanced Computed Systems for up to £7.5m.

Advanced Computer Systems Group offered its clients the delivery of IT solutions and was focused on the education sector with complementary software support expertise around SAGE and SIMS.

ACS group offered an IT services product set with SAGE expertise that could be cross sold into AdEPT clients, the company said.

'The highly skilled team, together with the well-matched customer base and product set at ACS Group will complement Adept's existing IT managed services offering where Adept 's provides services to thousands of schools and academy trusts,' it added.

Under terms of the deal, Adept forked out an initial £5.24m in cash and also agreed to pay up to £2.26, depending on the trading performance of ACS Group in the 12-month period ending 31 March 2020.

The company also announced that it had signed a £5m extension to its existing £35m 5-year revolving credit facility agreement, enlarging the total debt facility to £40m. 'AdEPT has an existing education focused IT service operation in Orpington - the acquisition of ACS Group builds on this capability and extends the geographical reach of AdEPT's IT services to Yorkshire,' said Phil Race, Chief Executive of AdEPT.

'ACS Group has a well-developed customer base with long term relationships, which builds upon AdEPT's existing strong education presence. The acquisition is expected to be earnings enhancing from completion.' At 8:36am: (LON:ADT) AdEPT Telecom PLC share price was +5p at 325p

Story provided by StockMarketWire.com
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