5 September 2024
Completion
of Capita One sale
Capita
plc (Capita)
has today completed the sale of Capita One Limited, its standalone
software business, to MRI Software, receiving net cash proceeds of
approximately £180m, in line with the terms announced on
9 July 2024.
The sale
of Capita One follows an evaluation of certain activities currently
carried out by Capita that are not core to the Group's future
strategy. As announced on 13 June
2024 at the Group's Capital Markets Event, standalone
software activities are part of the Group's activities that are
being managed for value.
As
previously outlined, the proceeds of the sale will materially
strengthen the Group's financial position while providing funding
and optionality for the transformation journey. We expect the Group
to have minimal net financial debt at 31
December 2024.
Adjusting
for the disposal of Capita One, on a pro-forma pre-IFRS 16 basis as
at 30 June 2024, Capita was in a net
cash position.
Barclays
Bank PLC, acting through its Investment Bank (`Barclays') acted as
sole financial advisor and sole sponsor to Capita on the
transaction.
Notes
to editors:
Investor
enquiries
Helen Parris, Director of Investor Relations
Tel: 07720
169 269
Email:
IRteam@capita.co.uk
Stephanie Little, Deputy Head of Investor
Relations
Tel: 07541
622 838
Email:
IRteam@capita.co.uk
Media
enquiries
Capita
external communications
Tel: 02076
542399
Email:
media@capita.co.uk
Barclays
Bank PLC, acting through its Investment Bank (Sole Financial
Advisor and Sole Sponsor to Capita)
Aamir Khan
Jessel Sheth
Tom Macdonald
Michael Hart
Stuart Muress
Tel: 0207
623 2323
About
Capita One
Capita One
is a provider of software solutions across the UK public sector,
helping local authorities drive efficiency, maximise revenue
collection and deliver essential public services as cost
effectively as possible. Capita One primarily serves local
authorities, local education authorities and housing associations,
and the business operates across three sectors: revenue and
benefits software, social housing management and education
management software. The Capita One senior management team
comprises: Jon Peart, Stuart Cheetham, Dave
Smedley, Paul Millard,
James Allard and Gavin Chamberlain. The Capita One senior
management team will be transferring with the business.
About
MRI Software
MRI Software is a leading provider of real estate software
solutions that transform the way communities live, work and play.
MRI Software's open and connected, AI-first platform empowers
agents, owners, operators and occupiers in commercial and
residential property organizations to innovate in rapidly changing
markets. MRI Software has been a trailblazer in the PropTech
industry for over five decades, serving more than six million users
worldwide, including social housing and the public sector. Through
innovative solutions and a rich partner ecosystem, MRI Software
gives real estate companies the freedom to realize their vision of
building thriving communities and stronger businesses. For more
information, visit https://www.mrisoftware.com/uk/.
About
Capita
Capita is
a modern outsourcer, helping clients across the public and private
sectors run complex business processes more efficiently, creating
better consumer experiences. Operating across 8 countries, Capita's
41,000 colleagues support primarily UK and European clients with
people-based services underpinned by market-leading technology. We
play an integral role in society - our work matters to the lives of
the millions of people who rely on us every day.
Important
Notice
Barclays,
which is authorised by the Prudential Regulation Authority (`PRA')
and regulated in the United
Kingdom by the FCA and the PRA, is acting exclusively for
Capita and no one else in connection with the transaction that this
announcement relates to and will not be responsible to anyone other
than Capita for providing the protections afforded to clients of
Barclays nor for providing advice in relation to the transaction or
any other matter referred to in this announcement.