Patsystems Acquirers Tamesis
Patsystems has announced that it has acquired the entire issued share capital of Tamesis. Tamesis is a privately owned and venture capital backed business established in 1998 and is located in the City of London. It provides real time trade capture, valuation and risk management solutions for the structured finance market. Consideration for the acquisition is an initial cash payment of £61,901 and an earnout based on three times the profit contribution before tax, measured over a two-year period starting from the acquisition date. Patsystems will also acquire the net liabilities of Tamesis of approximately £300,000 (including debt of £250,000). The first instalment of the earnout will be paid by 30th September 2006 and the second instalment will be paid by 30 September 2007. The earn-out will be paid in new ordinary shares of Patsystems based on a nominal issue price of 15p per share and the maximum number of shares that could be issued is capped at 23,333,334 (which equates to a maximum of £3.5 million of consideration).