Acquisition of Algorithmix
July 02 2004 - 08:32AM
UK Regulatory (RNS & others)
02 July 2004
2 July 2004
Acquisition of Algorithmix Limited ("Algorithmix")
Corpora plc ("Corpora" or "the Company"), the AIM-listed specialist provider of
knowledge management software, today announces the acquisition of the entire
issued share capital of Algorithmix, a software development company, for a total
consideration of #200,000.
Corpora develops software applications to enable users to search, categorise,
assimilate, navigate, and share textual knowledge. Algorithmix's artificial
intelligence-based software provides a technology platform that complements and
integrates with Corpora's current technology and will extend the Company's
current document analysis capabilities.
Algorithmix's technologies are of particular interest to Corpora's Government
and Defence clientele. The acquisitions will significantly extend the Company's
ability to offer exciting, cutting edge internet intelligence and document
analysis applications to its growing client base.
The Algorithmix Acquisition
The Board of Corpora has signed an agreement to acquire the entire issued share
capital of Algorithmix. The consideration for the purchase is to be satisfied
by the issue to Algorithmix shareholders of 571,428 new ordinary shares at 35p
each on completion of the Algorithmix acquisition, which values the business at
Algorithmix, which was founded in 2002, is an artificial intelligence software
company that develops tools for the linguistic and statistical analysis of text.
The company was originally formed in the UK as a subsidiary of Mathematiques
Appliquees SA, a company registered in France, before being entirely bought out
Algorithmix are currently working closely with the Company's other recent
acquisition, Infonic Limited, to further develop textual analysis software
In the year to 31 December 2002, Algorithmix generated revenues of #101,302,
with a loss on ordinary activities after tax of #50,496. At that date,
Algorithmix had net liabilities of #50,495.
Commenting, Mark Thompson, CEO of Corpora plc, said:
"The board believes that the acquisition of Algorithmix substantially enhances
our ability to offer sentiment and burst analysis technologies.
"These technologies add an exciting extra dimension to the Company's
capabilities and product offering and will be of significant added benefit to
our growing client base."
Mark Thompson, Chief Executive
Corpora plc Tel: 01483 549 055
Simon Robinson/ Ben Money-Coutts
Bridgewell Limited Tel: 020 7003 3000
Tarquin Edwards/John Bick
Holborn Tel: 020 7929 5599
Notes to editors
Corpora plc is a UK public company recently listed on the AIM market. Its
principal activity is the research, development and sale of the document
navigation software, jump! At the core of jump! is an in-document navigation
tool, which enables users to jump around within and between multiple documents
to information that matters to them and allows the user to quickly interrogate
and annotate the information, contained in multiple documents. The software
uses proprietary language technology to show the topic of a document and the
context in which it is used.
On 5 April 2004, the Company acquired Exago Limited and its product suite,
eXero, a scaleable knowledge discovery product that finds, filters and delivers
information matching individual user profiles. Following the acquisition, BT
plc and ANGLE plc (previously Exago's two major shareholders), are now holders
of 15.4% and 18.1% respectively of Corpora's share capital.
On 7 June 2003, the Company acquired Infonic Limited, a software development
company currently developing products to determine opinion or sentiment from
many information sources in a very short period of time.
This information is provided by RNS
The company news service from the London Stock Exchange