Capita plc (CPI.L), following a competitive procurement process, was selected to form a joint venture or JV company with the Cabinet Office to deliver and commercialise the Government's portfolio of best management practice training tools and services and create a growth business in which both parties would share returns.
The Government has developed a proprietary portfolio of globally renowned best management practice training tools, consisting of PRINCE2, an established and proven project management methodology, and ITIL, the most widely accepted approach to IT service management in the world.
Both Capita and the Cabinet Office have established a 51%:49% JV organisation that would own the intellectual property of this portfolio of products and assume the management and support of the ecosystem of accredited service organisations. Capita would pay the Cabinet Office an upfront cash payment of 10 million pounds and three deferred cash payments of 9.4 million pounds over the first three years for a 51% stake in the venture, which would own in perpetuity the IP of the portfolio of products. The joint venture is expected to triple the current revenues of about 40 million pounds per annum by year 10, through further commercialising and developing the product portfolio in existing and new markets, and generate healthy margins.
The existing products and services would maintain their current brands and the JV would assume ownership and management of the current portfolio from July 1, 2013 and full operational delivery from January 1, 2014.
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