AIM-listed Dillistone Group is set to acquire recruitment software brand Voyager Software, a wholly owned subsidiary of holding company Woodcote Software.
Dillistone Group, which operates in executive search software and recruitment software, is the parent company of executive search software providers Dillistone Systems Ltd. The deal, worth £1.89 million, is paid for in cash and shares.
Jason Starr, Managing Director of Dillistone Group Plc comments: ‘Voyager and Voyager (Australia) are long standing and well regarded suppliers to the UK and Australian recruitment markets respectively.
The two companies have a significant client base and a high proportion of recurring revenues with strong management teams and hard working and professional staff. I believe that this acquisition will prove to be beneficial to Voyager’s clients and staff, and that it will have a transformational impact on Dillistone Group Plc.
‘Historically, we have operated globally in what is very much a niche market – executive search. This acquisition takes us into a substantially larger market.’
Dillistone Systems and Voyager will continue to operate as separate firms with separate brands and products as each firm focuses on different sectors in the recruitment industry.
ExpressHR Services, a subsidiary of Woodcote, is also being acquired by Dillistone as part of the acquisition and on completion will be immediately sold to Geoffrey Warburton, who holds shares in Woodcote through his pension scheme, for a consideration of £1. On completion, an initial consideration of £1.5 million in cash and £0.39 million in new ordinary shares is payable.
The consideration shares are subject to a six month lock-in from the date of completion.
In addition, Dillistone has agreed to pay earn-out consideration up to a maximum of £1.9 million.
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