Capita plc (‘Capita’) has agreed to acquire AMT-SYBEX Group Limited (‘AMT’) for an initial consideration of 100 million euro on a cash free, debt free basis, plus a contingent consideration of up to 27 million euro based on the business reaching specific profit targets over the next 12 months.
AMT is a proprietary software business providing software and related services in mobile technology and smart data management to the utilities and transport sectors, which are key markets for Capita. Its clients include Bord Gáis, four of the ‘big six’ energy companies operating in the UK, National Grid, Network Rail and Transport for London.
Founded in 1990, AMT has developed applications for its long term clients that support efficiencies and service delivery in energy and water suppliers, managing the data of 35 million consumers and enabling mobile working for over 35,000 employees. In addition, the company’s software products help clients to manage company assets, carry out mobile inspections, and perform maintenance work on infrastructure. AMT’s latest developed applications will enable data capture from smart meters as they are rolled out in the UK and throughout Europe.
It is forecasting an operating profit of 15.5 million euro on turnover of 54 million euro in its current financial year to January 2015.
Andy Parker, Capita plc chief executive said:
“AMT is an innovative, high performing, quality business working with a range of industries and sectors undergoing huge competitive and structural pressures, including the deregulation of energy markets, the roll-out of smart metering and more demanding and connected customers. Its products and services allow clients to effectively manage data from a variety of sources, mitigate against risk and ultimately contribute towards better customer service.
There are therefore powerful synergies with Capita’s existing footprint as it works within the utilities markets to drive transformational change, improve efficiency, use data analytics to improve customer attraction and retention and get businesses and customers better connected through using digital and other channels more effectively.
In addition, AMT’s products and services, particularly as part of a wider Capita offering, have valuable applications in a range of other sectors, including health, defence, oil and gas and the finance and insurance markets. We look forward to welcoming the business into Capita and working with it to realise its full potential.”
Pearse Mee, AMT-SYBEX founder and Deputy Chairman, said:
“We are delighted that AMT-SYBEX is joining the Capita family. It provides a strong platform for the company to develop new markets and to grow and prosper further. In addition, our customers will benefit from access to Capita’s expanded range of services whilst being part of a larger international entity will open up new opportunities for our highly skilled team.”
AMT employs around 250 employees based in Dublin, Belfast, Glasgow and Letchworth.
Completion of the acquisition is subject to approval from the competition authority in Ireland.
For further information:
Tel: +44 207 799 1525
Andy Parker, Chief Executive Officer
Shona Nichols, Corporate Communications Director
Media enquiries only:
Capita press office
Tel: +44 207 654 2152 or +44 207 654 2399 (out of hours)
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