Acquisition
30 September 2002 - 8:00PM
UK Regulatory
RNS Number:8106B
TripleArc PLC
30 September 2002
Embargoed until 1000 30 September 2002
TripleArc Plc
TripleArc Acquires ControlP
TripleArc Plc ("TripleArc") is pleased to announce that on
28 September 2002 it acquired the business and assets
(including certain intellectual property rights) of
ControlP, the print e-procurement division of Documedia
Solutions Plc, through its wholly-owned subsidiary,
TripleArc UK Limited. The acquisition strengthens
TripleArc's position as a leading provider of e-commerce
procurement solutions for the printing sector.
The initial consideration for the acquisition was #145,000,
satisfied by #100,000 in cash and the issue of 313,589
Ordinary Shares, valued at #45,000. A minimum further
#105,000 in deferred cash consideration is payable over 3
years. This deferred consideration amounts to a minimum of
#35,000 per year for 3 years, which may be increased to a
maximum of #55,000 per year based on sales of the ControlP
products. TripleArc is funding the cash element from
internal resources. The intellectual property being acquired
includes an application for a patent over which 30% of
future revenue will be shared for 5 years following its
grant.
ControlP develops and markets web-based print procurement
solutions for buyers and print management companies. Its
primary products are edit2print and iPMS (internet print
management system) which are highly complementary to
TripleArc's existing portfolio of print procurement
solutions.
JT Wong, Director and Co-Founder of TripleArc, said,
"ContolP is a perfect fit for TripleArc. It is the Group's
first strategic acquisition since floating on AIM last year
and it will significantly boost our market position."
ControlP will be integrated into TripleArc's technology
division to bring together the industry's leading
procurement technology within one company. As well as
benefiting from a broader technology base, which the
enlarged Group can offer to an expanded customer base, the
integration of the two teams will enhance the overall skills
base to address customer requirements.
edit2print is an advanced print ordering system allowing
users to edit, proof and order marketing collateral online.
The system allows users without design experience to upload
files and vary graphics and text at will themselves. iPMS
is a workflow management tool for ordering print that allows
print buyers and print managers to increase the efficiency
in their ordering process. In addition, ControlP also
markets ePrint, a solution aimed at small printers. ePrint
is an 'off the shelf' solution that allows a printer to
rapidly set up a customised e-commerce site for their
customers without the need for development expertise.
Jason Cromack, Chief Operations Officer, added, "The
addition of ControlP's technology and staff ensures that the
enlarged Group has the best solutions in the market place,
with the best team to support them. TripleArc will continue
to support ControlP's existing customers and will make every
effort to ensure that the transition causes no disruption to
their services. We are extremely pleased to have Daniel
Emerson, who has been running ControlP, working with us to
make the integration run smoothly.
"Whilst the general economic climate in recent months has
resulted in a slower adoption of e-commerce solutions than
previously expected, the Board believes that the printing
industry will increasingly embrace these technologies. The
benefits we are delivering will ultimately mean that there
will be winners in this sector, and TripleArc intends to be
leading them."
For further information please contact:
TripleArc Plc 020 7258 6290
JT Wong, Director
Weber Shandwick Fleet Financial 020 7950 2800
Terry Garrett/ Nick Dibden
This information is provided by RNS
The company news service from the London Stock Exchange
END
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