Europe News: Cybit acquires Amatics for up to £6m

Europe News:  Cybit acquires Amatics for up to £6m

Cybit Holdings has acquired Amatics Ltd for £4 million, with a further £2 million subject to earnings over the next two years.

Amatics has a strong pipeline of future business from both existing customers and new prospects. The company currently has a committed future revenue stream of approximately £1.7 million from existing customer contracts.

Cybit Holdings will now be responsible for around 40,000 installed units at some 1,600 customers.

The Amatics management team is joining Cybit and will help drive the continued expansion of the combined business.

According to Cybit CEO Richard Horsman, the development of a specialist team focused on this growing market segment is expected to enable the group to achieve further market penetration and overall business growth.

“The Amatics business fits well with the rest of our UK operations,” said Horsman.

This is Cybit’s third major acquisition in just over a year.

Earlier this year, the company acquired Thales Telematics for a reported £1 million in cash, and in mid-2006 acquired Bluefinger for £1.6 million.

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