Acquisition of Xploite plc by Avisen plc via a Scheme of Arrangement
16th April 2010
Zeus Capital are pleased to announce that they recently advised Avisen plc on its acquisition of Xploite plc by way of a scheme of arrangement.
The Proposal valued the entire issued share capital of Xploite at approximately £11.38 million.
Avisen is a business and technology consultancy specialising in performance management with a focus on strategy creation, development and implementation. It provides advisory services and software distribution of solutions in the corporate performance management market. Avisen aims to provide specialist advice to enable organisations to build more effective capabilities in order to manage the performance of their businesses and allow them to achieve their desired targets. The solutions and advice provided by Avisen are used to assist clients in a number of areas including (i) development and implementation of improved business strategies, (ii) profitability management and cost reduction services, and (iii) business or corporate performance management.
The main operating business of Xploite is that of Storage Fusion, a SRA software business which comprised part of the business of Itheon before it was hived out into Storage Fusion. Storage Fusion owns a range of tools that are focussed on storage analytics. These tools are offered using a Software as a Service (SaaS) business model and sold to customers both through licensed resellers and through a direct sales channel. The Storage Fusion marketing and pricing strategy has recently been altered and the SRA software is now distributed to customers using resellers, supported by certain direct sales activity. Since altering its approach Storage Fusion has secured six of the leading resellers in the market and has a visible pipeline of blue chip organisations which are beginning to convert into sales, demonstrating the viability of the SRA product.
Commenting on the Proposal, Marcus Hanke, Chief Executive Officer of Avisen, said:
“Avisen believes that Xploite offers an excellent strategic fit and synergy potential for Avisen in the Performance Management market. With this transaction, Avisen, intends to strengthen its position in the business and technology consultancy sector and with the expertise and proven track record of the Proposed Directors, Avisen expects that its ability to identify future opportunities will be enhanced. Avisen intends to utilise some of the cash resources in Xploite to significantly extend and enhance Inca’s customer support offerings to its IBM client base.”