TIDMPGY
RNS Number : 2546A
Progility PLC
19 December 2014
Progility plc
("Progility" or "the Company" or "the Group")
Acquisition of Unify India
Progility plc (AIM: PGY), the systems integrator and project
management services firm, is pleased to announce that it has agreed
to acquire Unify Enterprise Communications Private Limited ("Unify
India") for a total consideration of EUR1 million in cash from the
Unify Group ("Unify Group"), the unified communications joint
venture between Siemens AG ("Siemens") and US private equity firm,
The Gores Group.
Unify India is a systems integrator and independent solution
provider specialising in communications infrastructure,
applications and services for enterprise customers. Progility
understands the products and business operations of Unify India
extremely well, as Progility Technologies (a division of the Group)
operates a similar business in Australia.
In the financial year to 30 September 2014, Unify India
generated revenues of INR 19,429 lakhs (approximately GBP19.9
million) and made a profit before tax of INR 1,107 lakhs
(approximately GBP1.1 million). At that date Unify India had net
assets of INR 7,477 lakhs (approximately GBP7.6 million).
Wayne Bos, Executive Chairman of Progility, commented, "Our plan
is to re-structure Unify India, transitioning the company from
being an Original Equipment Manufacturer to becoming a Tier One
re-seller and distributor of products in Asia. This process will be
disruptive to the business over the short term and this has been
reflected in the acquisition price paid, however, we are confident
that Unify India, when re-branded as part of the Group, will become
an important strategic addition to Progility.
In addition, the acquisition will create an opportunity for us
to introduce our expanding portfolio of other products and services
to one of the world's largest markets."
Headquartered in Mumbai, Unify India currently employs 223
people and operates through a network of 21 offices throughout
India. It also operates an extensive distribution network in India,
Bangladesh, Nepal, Bhutan and Sri Lanka.
The senior management team, who will continue with the business
post acquisition, have been in place for the past 10 years and have
been responsible for attracting some of India's most established
corporations as clients including: Adani, Mercedes-Benz Research,
Bangalore International Airport, Infosys Limited and Volkswagen
Group.
The transaction has been entered into between Unify Overseas
Holdings B.V., Unify Germany Holdings B.V., Unify GmbH & Co. KG
and Progility (Mauritius) Limited, a wholly owned subsidiary of the
Company, which has agreed to purchase the entire issued share
capital of Unify India for an aggregate consideration, payable in
cash on completion, of EUR1 million. Completion is expected to take
place on 30th December 2014.
The consideration will be funded by the issue, by Progility
Finco Limited, of a further tranche of its redeemable loan stock
(announced on 1 July 2014) ("Loan Notes") to DNY Investments
Limited, an asset of the DNY Trust, a family trust of which Wayne
Bos is a discretionary beneficiary. The Independent Directors of
Progility, having consulted with Spark Advisory Partners Limited,
as Nominated Adviser to the Company, consider the terms of the Loan
Notes to be fair and reasonable insofar as the shareholders are
concerned. In providing advice to the Independent Directors, Spark
Advisory Partners Limited has taken into account the Independent
Directors' commercial assessments of this related party
transaction.
For further information, please contact:
Progility plc
Wayne Bos, Executive Chairman 020 7371 4444
John McIntosh, Finance Director
www.progility.com
SPARK Advisory Partners Limited (Nominated
Adviser)
Mark Brady 020 3368 3551
Sean Wyndham-Quin 020 3368 3555
W H Ireland Limited (Broker)
Adrian Hadden/Mark Leonard 020 7220 1666
Novella
Tim Robertson/Ben Heath 020 3151 7008
Group Description
Progility plc, the systems integrator and project management
services firm has four divisions: Technology Solutions, Training,
Consulting and Recruitment.
Technology Solutions
The technology solutions division comprises Progility
Technologies and Starkstrom. Progility Technologies operates a
communication systems integration business that designs, implements
and maintains solutions for medium and large enterprises with a
focus on the rail, port, oil and gas, power, water and healthcare
industries in Australia and on the mining industry globally.
The business, which was merged with the Group in October 2013,
is headquartered in Melbourne, Australia, and has offices in
Sydney, Brisbane, Perth, Latrobe Valley, and Castlemaine.
It has three operating divisions: Communications Australia,
which focuses on communications systems integration, designs voice
and IP communications solutions for specific customers' operating
environments and is a major provider of enterprise based Unify
unified communication systems in Australia; CA Bearcom, Australia's
largest distributor of two-way radio communications products and
services, primarily supplied by Motorola; and Minerals & Energy
Technologies, which designs, implements and manages an array of
integrated communications solutions for specific mining, oil and
gas, rail and port applications.
Starkstrom is a UK based project management services' company
specialising in manufacturing and supplying medical infrastructure
equipment for operating theatres and intensive care units. Acquired
in July 2014, Starkstrom is headquartered in North West London and
with a manufacturing and assembly facility in Leicester.
Training
The training division comprises ILX Group, which provides a
blend of on-line learning, games and simulations, traditional
classroom training, practical workshops and coaching. ILX delivers
training in the UK Cabinet Office's best management practice
products, primarily in PRINCE2, MSP and ITIL.
Consulting
The consulting division comprises Obrar in the UK and Progility
Consulting in Australia. Obrar is a consulting and project
management services company, focused on multimedia contact centres,
corporate technology infrastructure and associated operational
change, with extensive experience in delivering contact centre
outsourcing on a global basis. Progility Consulting is an
organisational improvement and project management services company,
specialising in information technology, service and supply chain
improvement and overall project and programme management.
Recruitment
The recruitment division comprises TFPL and Sue Hill
Recruitment. TFPL is a recruitment, training and consulting
business specialising in the knowledge, information and data
management industries, which was acquired in July 2013. TFPL
provides executive search, managed services and the placement of
permanent, interim and contract personnel into the public and
private sectors. Sue Hill Recruitment, which was founded in 1997,
is a specialist employment agency to the UK information, market
research, insight and analysis sectors and was acquired in November
2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQLIFLIFSLALIS
Progility (LSE:PGY)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Progility (LSE:PGY)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
