Advanced Computer Software Group plc (ASW.L) reported that its 2012 adjusted EBITDA increased 10 percent, to no less than 26.6 million pounds from 24.1 million pounds last year. Full-year revenues from continuing operations is expected to be up 21 percent, to no less than 119.0 million pounds from 98.2 million pounds last year.
Advanced Computer Software Group also announced that Guy Millward, one of the non-executive directors, will shortly become Chief Financial Officer. Barbara Firth, the current Chief Financial Officer, remains on the Board and will become Chief Operating Officer responsible for acquisitions and integration. Paul Gibson will remain COO responsible for operations across the Group.
Advanced Computer Software Group also announced it has acquired Computer Software Holdings from HgCapital LP for 110 million pounds in cash. CSH is a provider of accounting and back office software to the UK professional services market and Customer Relationship Management software for the not-for-profit market. It also provides accounting software to SMEs, as well as mobile solutions for field services operations.
The acquisition will enlarge the company's Business Solutions and 365 Managed Services divisions. It is is highly cash generative and will be immediately earnings enhancing.
by RTT Staff Writer
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