DataCash Acquisition of ACK Limited

    RNS Number : 6282W
  Datacash Group PLC
  13 June 2008
   

    13th June 2008 

    DataCash Group Plc: DATA / Index: AIM / Sector: Support Services

    DataCash Group Plc ('the Company')

    DataCash Acquisition of ACK Limited

    DataCash Group Plc, The AIM-listed Payment Services Provider, is pleased to announce that it has completed the purchase of ACK Limited,
a UK based software house specialising in providing software to manage the collection of credit and debit card payments for use in the Point
of Sale (PoS) systems operated by high street retailers. 

    Total consideration for the acquisition is up to �3 million in cash. This is comprised of an initial payment of �1.7 million plus an
amount of surplus cash in ACK Limited in excess of 3 months working capital requirements with an additional up to �500K due as a deferred
payment and earn-out payment of up to �200K, which is subject to certain performance criteria. The acquisition is expected to be earnings
enhancing for the year ended 31 December 2008 and will be funded from DataCash's existing cash balances. 

    ACK Limited is a small but established and respected supplier of the electronic funds transfer (EFT) software used in many of the PoS
devices deployed in the UK and Republic of Ireland. The software is purchased by retailers either directly or through the vendors of their
PoS software. ACK has a well established client base in the retail and hospitality sectors and increasingly in the areas of unattended and
contactless payment. ACK's existing user base includes: Musgraves (Budgens & Londis), Somerfield, J.D. Wetherspoons, Greene King and
National Tyres.

    The acquisition enables Datacash to offer an end to end Card Present solution for the first time. The two companies have cooperated in
the past to provide integrated Card Present solutions to existing clients including Laura Ashley and Odeon.

    The purchase will enable DataCash to further extend the scope of its outsourcing with UK and Republic of Ireland based retailers and
will accelerate its move to provide a full service offering for markets using unattended and contactless payments including solutions for
kiosk operators, vending service providers and ticketing operations.  

    Andrew Dark, Chief Executive of DataCash, said: "We are excited by the opportunities that this acquisition creates. We intend to grow
the service provision to the users and the re-sellers who work with the ACK product suite providing a simple and cost effective mechanism to
enable them to avoid the complication and expense of running payment services in house. Furthermore the combination of the ACK suite and the
DataCash service addresses the uncertainty of changes in the compliance rules that retailers continue to face and provides affordable scale
on demand. We expect to retain all the current ACK staff."
       


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    For further information please contact:

    DataCash Group PLC

    Paul Burton                                               Tel: +44 (0)870 72 74 76 0
    Finance Director                                         E-mail: Paul.Burton@datacash.com

    Andrew Dark                                             Tel: +44 (0)870 72 74 76 0
    Chief Executive                                          E-mail: Andrew.Dark@datacash.com

    Nominated Adviser - Investec
    Daniel Adams                                             Tel: +44 (0)207 597 5970

    Website: www.datacash.com



    About DataCash  

    DataCash Group PLC (AIM: DATA), a market leading provider of payment processing
    solutions, provides merchants with a single interface that allows them to process secure payments, both on and offline, anywhere in the
world.

    DataCash also provides a range of value added services with its fraud and Risk
    Management solutions supporting AVS/CV2, 3-D Secure (Verified by Visa and
    MasterCard Secure Code) together with traditional rules-based screening.

    DataCash provides first-class service reliability at a fraction of the price of an in-house solution, servicing clients within the
retail, travel, telecommunications and gaming sectors.


This information is provided by RNS
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