Idox PLC on Tuesday announced its acquisition of social care software solutions provider Trojan Consultants Ltd, which trades as Plianz.
The Woking, Surrey-based information management software and geospatial data solutions company said the purchase will be made for an initial enterprise value of £7.7 million in cash, to be funded from existing resources.
This will increase to a maximum value of £7.9 million, subject to Plianz reaching agreed revenue targets within 12 months of the deal completing.
Plianz delivered around £2.5 million in revenue during its most recent financial year that ended March 31, of which around 90% was recurring revenue. The firm also delivered adjusted earnings before interest, tax, depreciation and amortisation margins of around 25%.
‘The strategic acquisition of Plianz strengthens our existing Social Care offering and continues to build on our strong public sector software capabilities. This expansion of the Idox solution in the social care sector is a great development for us as a business broadening our capabilities and continuing to enhance the expertise and solutions we provide for this critical sector,’ said Chief Executive Officer David Meaden.
‘We look forward to welcoming the Plianz team to Idox and are confident that the combination will be accretive, driving increased value for all stakeholders.’
Shares in Idox were down 0.4% at 56.00 pence each in London on Tuesday afternoon. The stock is down 14% over the past year.
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