Better Capital PCC Acquires sub-divisions of Maxima Holdings plc
Better Capital PCC Limited has today been informed of the acquisition of the Document Management Services, Intellect and Microsoft sub-divisions of Maxima Holdings plc ("Maxima", AIM: MXM) by m-hance Group Limited ("m-hance"), a company within the BECAP Fund LP (the "2009 Fund") investment portfolio.
The sub-divisions provide software solutions predominantly to infrastructure and financial services sectors. They employ 69 people, located primarily in the North West and South of England. All three sub-divisions were components of Maxima's Business Solutions division, which operated within Maxima Information Group Limited, a wholly owned subsidiary of Maxima Holdings Plc.
For the financial year ended 31 May 2011, the sub-divisions reported combined revenue of £7.2 million and segmental adjusted EBITA (pre-exceptional costs, share based payments, capitalisation of R&D, central overheads and amortisation) of £1.9 million.
Total gross consideration payable by m-hance is £6.8 million, of which £6.5 million has been paid in cash on completion and a further £0.3 million is deferred for 27 months.
m-hance is the software business of the Calyx group of companies. Nick Sanders, Head of Portfolio at Better Capital LLP and Chairman of the Calyx group commented "Following the recent sale of the Agresso reseller business and three previous bolt on acquisitions m-hance has now been repositioned as a strong and rapidly growing mid-market software provider, offering a wide range of solutions to over 1,400 customers."