Kewill buys US systems integrator
For $45 million
London-based systems integrator Kewill Systems has bought US group EVCOR for $45.5 million (30.2 million pounds) in cash and stock.
The deal, through Kewill's subsidiary Kewill Electronic Commerce, involves $30 million (19.9 million pounds) cash, with 952,542 shares. An extra $15 million (9.9 million pounds) depends on EVCOR's financial results over the next three years. Kewill has taken out a seven year bank loan to pay for the acquisition.
EVCOR is an affiliation of 18 system integration businesses in the US and its main business is fitting and supporting Kewill's business software. It has 160 staff.
Kewill also posted its results for the year ended March 31. The company saw operating profits fall to 9.6 million pounds, from 10.8 million poundsthe previous year. Sales rose 25 per cent to 75.2 million pounds.
The company said it was also planning to look at Germany and France for more acquisitions. ®