Capita Buys AMT-Sybex
Software company AMT-Sybex has been bought by Capita for an initial €100m, rising to €127m if the firm reaches agreed profit targets over the coming 12 months.
AMT is a proprietary software business providing software and related services in mobile technology and smart data management to the utilities and transport sectors, which are key markets for Capita. Its clients include Bord Gáis, four of the 'big six' energy companies operating in the UK, National Grid, Network Rail and Transport for London.
The firm was founded in Ireland in 1990 and is forecasting an operating profit of €15.5m on turnover of €54m in its current financial year to January 2015. AMT's 250 or so staff are based in Dublin, Belfast, Glasgow and Letchworth.
Capita is headquartered in London and operates in business process outsourcing and professional services. Speaking about the company's latest acquisition, Andy Parker, Capita chief executive, said: “AMT is an innovative, high performing, quality business, working with a range of industries and sectors undergoing huge competitive and structural pressures, including the deregulation of energy markets, the roll-out of smart metering and more demanding and connected customers.
“Its products and services allow clients to effectively manage data from a variety of sources, mitigate against risk and ultimately contribute towards better customer service.”
He added: “AMT's products and services, particularly as part of a wider Capita offering, have valuable applications in a range of other sectors, including health, defence, oil and gas and the finance and insurance markets. We look forward to welcoming the business into Capita and working with it to realise its full potential.”
Pearse Mee, AMT-Sybex founder and deputy chairman, said: “We are delighted that AMT-Sybex is joining the Capita family. It provides a strong platform for the company to develop new markets and to grow and prosper further. In addition, our customers will benefit from access to Capita's expanded range of services whilst being part of a larger international entity will open up new opportunities for our highly skilled team.” (15/04/14)