MapInfo Corporation announced that it has acquired all of the shares of privately held, Southbank Systems Limited, a provider of infrastructure management software and services solutions for the public sector in the United Kingdom and the Asia-Pacific region, for approximately $20.8 million in cash, subject to a working capital adjustment. With its headquarters in Chatham, England, Southbank Systems also has operations in Scotland, Australia and New Zealand.
The acquisition will strengthen the company's offering to the public sector, one of its targeted vertical markets, with the addition of enhanced location-enabled applications focused on addressing the asset management needs of local government organizations. By leveraging Southbank Systems' domain knowledge and targeted applications, MapInfo expects the acquisition will create sales opportunities for its broader portfolio of offerings, including MapInfo Envinsa, its comprehensive location intelligence platform.
MapInfo anticipates that this acquisition will be accretive immediately and will generate between $13 to $14 million in revenues and approximately $0.04 in earnings per share in the fiscal year ending September 30, 2005. The projected earnings per share includes estimated costs resulting from the acquisition, such as the amortization of intangibles and other integration related expenses.
"Southbank Systems will provide further strength, depth and breadth to our offerings in some key business domains where the power of location information is paramount," said David Flower, vice president of MapInfo Europe, Middle East and Africa. "In our opinion, Southbank Systems sits at the pinnacle of companies offering these capabilities in the public sector, one of our largest markets in Europe, Middle East and Africa."
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