DGAP-Adhoc: CANCOM acquires managed services provider Novosco Group Limited
DGAP-Ad-hoc: CANCOM SE / Key word(s): Mergers & Acquisitions/Contract
CANCOM acquires managed services provider Novosco Group Limited
14-Oct-2019 / 14:04 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
CANCOM acquires managed services provider Novosco Group Limited
Munich, Germany, 14 October 2019 - Representatives of CANCOM Group and Novosco Group Limited today signed a purchase agreement to acquire 100 percent of the shares of Novosco Group Limited. The acquisition of the parent company will make the entire Novosco Group, based in Belfast, United Kingdom, part of the CANCOM Group. The transaction is expected to be completed today.
The total volume of the transaction is approximately GBP 70 million. Of this amount, approximately GBP 60 million will be paid to the owners in cash. In addition, shares of the acquiring company CANCOM Ltd will be transferred to the sellers of the Novosco Group. The total amount of CANCOM Ltd shares handed out is 7.5 percent and the sellers will remain active in the operating business.
The Novosco Group is an IT service provider based in Belfast, United Kingdom, with offices in Dublin, Republic of Ireland and Manchester, United Kingdom. The company supports customers in the UK and Ireland primarily with managed services and cloud-based services. In addition, the company provides IT consulting and support services. Prior to the transaction, Novosco Group planned to achieve revenues of approximately GBP 55 million and an EBITDA margin of approximately 17 percent in fiscal year 2019. The company has around 300 employees. Together with the companies in the United Kingdom acquired last year, CANCOM is further expanding its market presence there with this transaction and will also be directly active in the Irish IT market for the first time.
Notifying company:
CANCOM SE, Erika-Mann-Straße 69, 80636 Munich, Germany
ISIN DE0005419105, Frankfurt Stock Exchange (TecDAX, SDAX, Prime Standard)
Contact/Notifying person:
Sebastian Bucher, Manager Investor Relations
+49 (0)89 540545193
sebastian.bucher@cancom.de
About CANCOM
As a Digital Transformation Partner, CANCOM accompanies organizations into the digital future. CANCOM supports customers to simplify complex enterprise IT and increase their business success through the implementation of modern technology. In order to comprehensively meet the IT needs of companies, organizations, and the public sector, CANCOM delivers tailor-made IT end to end from a single source.
The CANCOM Group's range of IT solutions includes consulting, implementation, services, and the management of IT systems. Customers benefit from the extensive expertise as well as a holistic and innovative portfolio that covers the IT requirements that are necessary for a successful digital transformation. As a hybrid IT integrator and service provider, the Company provides an integrated range of services and solutions including business solutions and managed services, such as cloud computing, analytics, enterprise mobility, IT security, hosting, and as-a-service offerings.
With more than 3,500 employees worldwide, the internationally active CANCOM Group and its efficient partner network ensure market presence and customer proximity in Germany, Austria, Switzerland, Belgium, Great Britain, and the USA. The CANCOM Group is led by Thomas Volk (CEO), Rudolf Hotter (COO), and Thomas Stark (CFO). The company is headquartered in Munich. CANCOM has an annual revenue of around EUR 1.4 billion and its parent company, CANCOM SE, is listed in the MDAX and TecDAX of the Frankfurt Stock Exchange (ISIN DE0005419105).
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