Proactis acquires Intelligent Capture LimitedPrint news article
Corporate lawyers from Walker Morris have advised specialist spend control software provider, Proactis Holdings PLC, on its acquisition of the entire share capital of Intelligent Capture Limited (IC) for £1.55 million.
IC is one of the UK’s leading providers of document scanning and optical character recognition services. Its acquisition will support the launch of Proactis’ new offering, Activate, which aims to create a Global Trading Network between Proactis’ customer base and their vendors.
IC has more than 40 clients including BT, Screwfix, BDO and Henderson and generates more than £1.25m of profitable income.
Rod Jones, Proactis CEO commented:
“IC is a crucial strategic acquisition for PROACTIS, accelerating and de-risking the execution of Activate. We have developed Activate through listening to the needs of our customers – there will be obvious cost benefits to them and these benefits will be replicated for their vendors. In addition, IC consolidates the Group’s existing excellent customer base and has encouraging levels of recurring revenue and profitability.”
Richard Naish, partner, from the corporate department.
Richard Naish said:
“Proactis and IC already have an existing business relationship, which not only helps with the acquisition but also provides significant scope for cross-selling opportunities.
“It is one of a number of transactions we have advised on in the technology sector recently having advised on a share placing for Software Radio Technology, the acquisition of Clarke Telecom by AIM-listed engineering services group, Renew Holdings, the sale of InTechnology Managed Services Limited for £65 million, and on Proactis’ recent acquisition of EGS Group Limited.”