UK outsourcing company to buy Irish software firm for almost €130m

The UK business recently put in charge of managing IBRC commercial property loans bound for Nama has agreed to buy an Irish-based specialist software firm for nearly €130m.

UK outsourcing company to buy Irish software firm for almost €130m

Capita, the support service solutions and business process outsourcing group which bought the international financial services arm of AIB three years ago, yesterday announced its intention to buy AMT-SYBEX for an initial consideration of €100m on a cash-free, debt-free basis.

The deal will also see an additional consideration of up to €27m paid, depending on AMT meeting specific profit targets over the coming year.

The deal is subject to approval from the Competition Authority in Ireland.

AMT, which provides software and mobile technology/smart data management services to the utilities and transport sectors, is forecasting an operating profit of €15.5m, on a turnover of €54m, in its current financial year, which runs to next January. Its clients include Bord Gáis as well as four of the ‘big six’ energy companies in the UK. It employs around 250 people in offices in Dublin, Belfast, Glasgow and Letchworth.

The company’s software products help clients manage company assets, carry out mobile inspections, and perform maintenance work on infrastructure. Its latest developed applications will enable data capture from smart meters as they are rolled out in the UK and throughout Europe.

AMT’s founder and deputy chairman, Pearse Mee, said the sale will provide it with “a strong platform” to develop new markets and allow it to grow and prosper.

“In addition, our customers will benefit from access to Capita’s expanded range of services while being part of a larger international entity will open up new opportunities for our highly skilled team.”

Last year, Capita, which employs around 1,000 people on the island of Ireland, said it would double its Irish-based workforce in three years.

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