Advanced Computer Software Group plc (ASW.L) said it would acquire Serco Learning, an education software provider, for 7.25 million pounds cash payable 6.25 million pounds to Serco Group and 1 million pounds to iGate for the novation of a material services contract. The transaction may close on December 31, 2012.
Serco Learning provides Business Solutions for the education sector, including training and support to over 2,000 local authorities, academies, independent schools and higher and further education providers. The business would be integrated into the Group's Advanced Business Solutions unit, which already has 49 university college customers taking its back office and student records solutions.
For 2011, Serco Learning recorded revenue of about 13.5 million pounds, of which approaching 11 million pounds was contracted recurring, generating some 1.2 million pounds of adjusted EBITDA.
Vin Murria, Chief Executive, commented: "This earnings enhancing acquisition is complementary to the Group's existing education sector offering. It provides us with greater critical mass and a broader offering for the growing education market in the UK, Ireland and Asia Pacific.
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by RTT Staff Writer
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