ILX Group plc Option to acquire CareShield Limited
ILX Group plc (AIM: ILX), the AIM-quoted provider of e-learning software and business training, is pleased to announce the acquisition of an option to acquire 100% of CareShield Limited and Careshield Training Limited (collectively known as "CareShield"), the UK's leading provider of digital learning solutions in the health and social care sector, in line with the ILX Group's recently stated objectives.
Founded by Christian Greenshaw, CareShield has more than 125,000 active registered users and has provided more than 1,500,000 training courses to develop skills and compliance with e-learning solutions in the health and social care sector since 2009. CareShield will partner ILX in the field of mandatory training in the health industry with the potential to expand into new sectors.
The digital learning and technology platforms that each company is developing show potential for further adoption as highly efficient and cost-effective training solutions. Demand for project, mandatory training and digital learning is gathering pace across an already significant and growing education industry.
Under the terms of the transaction, ILX has a three-year option to acquire CareShield at a valuation based on a multiple of audited earnings. There is a minimum exercise price for the option of £2m and a maximum exercise price, capped at £6m.
Wayne Bos, Executive Chairman and Interim CEO, ILX Group plc, said: "We are very excited to be working with Christian and his team in the area of mandatory learning in the healthcare sector. This partnership will provide CareShield with additional resource to continue its development technically and commercially, while at the same time forging a stronger position for ILX within the e-learning sector."
Christian Greenshaw, Managing Director of CareShield Limited, said: "I am highly motivated by the opportunity to work with ILX and its new management team. The Group's leading commercial position will assist our further growth and help us to expand on what we have created so far.