RNS Number : 8688W
Bond International Software PLC
17 June 2008
For Immediate Release 17 June 2008
Bond International Software plc
("Bond" or "the Company")
Acquisition of the business and assets of Team Spirit Software Ltd & Headcount Services
Ltd
'Continued Consolidation'
Bond International Software plc is pleased to announce the acquisition of the business and
assets of two related companies, Team Spirit
Software Ltd ("TSS") and Headcount Services Ltd ("HCS") from the administrators.
Headquartered in Essex with approximately 27 staff, TSS specialises in the provision of
integrated HR and payroll software to over 250
clients in a wide range of sectors. In the year ended 29 February 2007, TSS reported turnover
of £1,974,000 and an operating profit of
£563,000.
HCS, which is based in London and employs 18 staff, uses Team Spirit software to provide
payroll bureau services to approximately 600
clients. In the year ended 29 February 2007 HCS reported turnover of £1,226,000 and an
operating profit of £41,000.
Over the last 18 months Bond have been actively growing their Human Capital Management
(HCM) side of the business with recent
acquisitions of the GOWI Group and Strictly Education and remain the worlds leading supplier
of staffing agency software. TSS and HCS will
complement this part of the group's strategy by adding another complimentary profitable
business.
This acquisition provides Bond with approximately £2 million of recurring revenue and an
increased client base to incorporate into the
group's sales and account management programme. The acquisition was completed in a very short
timescale to ensure minimum disruption was
experienced to the businesses' clients and operations.
The total consideration will be £1million in cash and the assumption of liabilities of
£0.8-£0.9 million.
Commenting on the deal, Steve Russell, CEO of Bond International Software said;
"In a changing market we continue to support our position as the worlds leading supplier
of staffing software but continually look at
opportunities in our core markets as they emerge.
The human capital management market offers Bond an exciting opportunity to grow both
organically and through acquisition. This
acquisition provides not only further scale to Bond but provides security of continued
investment in their solutions for TSS' and HCS
customers and therefore represents excellent shareholder value."
For further information, please contact:
Bond International Software Plc:
Steve Russell : Group Chief Executive Tel: 01903 707070
Tim Richards : UK Managing Director
Bruce Morrison : Group Finance Director
Oriel Securities Limited Tel: 020 7710 7600
Andrew Edwards
Buchanan Communications: Tel: 020 7466 5000
Tim Thompson / Nicola Cronk
About Bond International Software
London stock market-listed Bond International Software plc is a global provider of
recruitment and human capital management (HCM)
software and services.
Bond is the largest provider of specialist staffing software for recruitment agencies
worldwide. Is a rapidly growing provider of
web-based e-recruitment and talent management software to the corporate market and provides
established HR, recruitment and payroll software
& services directly to the private, public and education sectors.
Established in 1973 and listed on the London Stock Exchange since 1997, the company has
consistently achieved financial growth and
maximised investment in the development of technology and service provided to its
international client base.
It has over 30 years experience in the development and creation of products and services
that have become industry standards.Headquartered in the United Kingdom, the Group also has offices in the United States,
Australia, South Africa and Hong Kong with a global
team of over 400 employees.
Bond's 3,000 customers include some of the largest recruitment agencies in the world, some
of the best known corporations and a large
number of private and public sector organisations, including: Adecco, Hays, Michael Page,
Manpower, Kelly's, Select, HBOS, Habitat, Co-op,
Wincanton, Lego World, Ascot Racecourses, EasyJet, Bristol City Council, University of
Huddersfield and North-West Fire Services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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