InterQuest acquires e-CRM People
30/09/2007
InterQuest Group Plc ('InterQuest' or 'the Group'), today announces the acquisition of e-CRM People Limited ('e-CRM') for total consideration of up to £4.95m and the appointment of Chris Smith and Steven Morrisey, joint M.D's of e-CRM, to the Group's operational management board.
The initial consideration is £2.67m, comprising £2.40m in cash and £0.27m in new InterQuest shares issued at 105 pence per share. Further consideration up to a maximum of £2.28m is payable in September 2008 and September 2009 provided that certain financial targets are achieved in the years ended 31 July 2008 and 31 July 2009.
e-CRM is a dynamic, fast growing niche IT recruitment services provider that has developed a leading position in its core markets of Enterprise Asset Management, IT Service Management, IT Storage and Security.
In the year to 31 July 2007, e-CRM reported audited turnover of £10.03m and audited adjusted profit before tax of £0.71m. Net assets at 31 July 2007 were £0.55m.
Application has been made to the London Stock Exchange to list 254,096 new ordinary shares in InterQuest which will, upon issue, rank pari passu with the Company's existing issued ordinary shares and are subject to a lock-in restriction which expires on 25th September 2008 and an orderly market provision for twelve months thereafter.
The Board believes that the acquisition is another milestone in the Group's development into one of the UK's leading providers of niche IT recruitment services and that the acquisition will be earnings enhancing within the first year.
Gary Ashworth said: 'We are delighted to welcome Chris, Steve and their team to the Group and to add another fast growing, specialist business to the others already in the Group.'
For further information please contact:
InterQuest Group Tel: 020 7025 0100
Gary Ashworth
Ross Eades
Michael Joyce
Britton Financial PR
Tim Blackstone 020 7251 2544