HR, Northgate, Rebus, Group, Information, Solution
Northgate information solutions plc purchase of option to acquire rebus HR group and suspension of listing
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Northgate Information Solutions plc ("Northgate" or the "Company") announces today that it has purchased an exclusive option for "5 million to acquire the Rebus HR Group ("RebusHR") on agreed terms, valuing Rebus HR Group including debt at approximately "150 million.
The Rebus HR Group is one of the UK's leading HR and payroll solutions providers, offering a range of strategic HR, payroll and employee information systems. RebusHR provides in-house software systems, and a wide range of outsourcing services such as hosting services, bureau payroll or fully managed payroll services, employee information services and personnel services. RebusHR's clients comprise companies of all sizes, ranging from small to medium enterprises (SMEs) to large organisations in both the public and private sector.
Exercising the option would lead to the combination of RebusHR's software products, employees and customer base with Northgate's existing HR business. This would transform Northgate into one of the leading UK suppliers of software applications and outsourcing solutions to the human resources management market, with:
- Scale to compete successfully in the UK market with global suppliers of enterprise software and to compete internationally
- Strong positioning to take advantage of the development of the UK IT-based human resources services market
- A strong customer base, ranging from SMEs to large organisations in both the public and private sector
Northgate expects to generate significant cost savings if the proposed acquisition proceeds.
Due to the size of Rebus HR Group relative to Northgate, the proposed acquisition is classified as a reverse takeover pursuant to The Listing Rules of the UK Listing Authority. Therefore, in accordance with The Listing Rules, the Company has requested that the listing of its ordinary shares be suspended temporarily.
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