Idox plc Acquires Digital Spirit GMBH
Idox plc (AIM: IDOX), a leading independent supplier of software & services, has acquired Digital Spirit GMBH, a leading supplier of compliance solutions for an undisclosed sum from Infinitas Learning BV.
Digital Spirit, based in Berlin, provides compliance software and content to corporate, public and commercial customers across Europe and is complementary to Idox's e-learning software business, Interactive Dialogues, which it acquired in November 2011.
Digital Spirit reported revenues of €6.5m and underlying operating loss of €0.6m in the year ended 31 Dec 2013. The acquisition will be funded from Idox's cash and existing debt facilities and is expected to be break-even in 2015 and start to make a positive contribution during the following year.
Digital Spirit will be merged with the Group's Interactive Dialogues business, which is part of the Public Sector Software Division (PSSD); and both will be re-branded corporately as Idox Compliance. The addition of Digital Spirit to PSSD will extend the division's existing geographical reach, product range and functional capability.
Richard Kellett-Clarke, CEO of Idox, said:
"This acquisition is an important step to further strengthen our solutions outside the UK and to penetrate more of Europe. Digital Spirit has an excellent reputation in the market place for delivering a flexible and functionally rich solution. The acquisition is expected to more than double our presence in the fast growing segment of the European compliance and e-learning market."