Press Releases in 2001
Symetris Ltd
Software House, sold to Mettoni Group Plc for £4.4m
July 2001
Mettoni Group plc ("Mettoni") the IT communications systems and services group, today announces the acquisition of Symetris Limited ("Symetris"), a privately held business specialising in the integration of communications systems and e-business solutions. The total consideration for the acquisition will be £4.4 million comprising £1m in cash, £1.9m in convertable loan notes, £0.7m in either cash or convertable loan notes and 2m Mettoni shares.
Established in 1995, Symetris has developed from its original business of supplying Oracle client server solutions into the provision of communications and e-business solutions and its clients include a number of blue chip companies. For the year ended 31 March 2001, Symetris generated turnover of £3.3m and pre-tax profit of £10,000. as of March 2001, net assets stood at £30,000.
Following the acquisition of Symetris, Wayne Roberts, joint managing director, will join Mettoni's operational board and Symetris will be combined with the group's existing systems integration operations. The enlarged operations will form the core of the new Mettoni Systems Integration business.
Mettoni's subsidiary, Datapulse, has a large installed base of customers which will provide the new Systems Integration business with access to a significant market. A number of potential projects have already been identified. In addition, Symetris will complement STS, Mettoni's existing web enabled contact centre business, through the provision of transactional website e-business solutions.
Robert Arrowsmith, chief executive of Mettoni, commented:
"As more users implement the next generation of IP based communications technology, there is an increasing demand to integrate the new technology with their existing systems. The acquisition of Symetris strengthens Mettoni's existing systems integration division and significantly enhances our ability to satisfy this demand and, in so doing, provide a total communications solution.
I look forward to updating shareholders with the group's half year trading results in mid August"
Brian Parker, who negotiated the sale on behalf of Symetris added: “despite difficult M&A market conditions we are still seeing good interest from buyers for quality technology companies that can enhance the purchasers core business”.
