A SOFTWARE company that employs around 200 people in Bournemouth is the subject of a takeover bid by an American private equity firm.
Advanced Computer Software (ACS), which owns the financial accounting software specialist Exchequer in Holdenhurst Road, has agreed to the £725m bid from the Vista Funds.
ACS shareholders are being offered 140p per share.
Exchequer was bought by the ACS Group last year for £110m.
Michael Jackson, chairman of ACS, said: “The offer from Vista recognises the outstanding contribution and value creation by the ACS management team over the past six years. At 15.8 times, the offer represents an attractive price – recognising the growth potential of the business whilst providing certainty in cash to ACS shareholders. This is an excellent return for the long-term supporters of the wider ACS Group.”
ACS chief executive Vin Murria said: “In the six years from inception to February 2014, we have grown the wider ACS Group’s revenue to £203m and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was £25m, up 14 per cent.
“ACS’ value has grown from £32m to £725m, with the offer price representing an increase of over 724 per cent over that period – this offer crystallises a significant return to shareholders.”
Brian Sheth, president of Vista Equity Partners, said: “Vin Murria and her dedicated leadership team are standouts in the field.
“They have built a company with exceptional employees, high quality solutions and long-standing client relationships. We at Vista especially like investing in the vision and commitment that a leader like Vin and the management team inspires.
“They area best positioned to expand the ACS platform and meet the needs of a growing customer base to continue their success.”
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