Tue, 03 Oct 2006:
Vebnet has acquired 4th Contact, the London-based employee benefits software company with 11 staff, from Star Technology for £661m. The deal consists of a cash consideration of £319,000 with the remaining £205,000 to be satisfied with the issue of 145,997 Vebnet shares. 4th contact has a high profile client list, including the London Stock Exchange, Walt Disney, Daimler Chrysler and Volkswagen and its software systems are used by around 20,000 employees. Vebnet's systems are used by around 170,000 employees and clients include Tenon, JP Morgan and BT. This year, Vebnet reported profits of £180,000, an increase of £167,000 on the previous year, which fuelled speculation that the company was looking to make an acquisition. Vebnet CEO Gerry O'Neil commented: "The acquisition of 4th Contact is another significant development for Vebnet. This provides us with additional scale in both client and enrolled employee numbers. It also increases our market share, reinforces our position as the leading provider of flexible benefits technology, and marks the start of what we believe will be a period of further c...
[more: 4th Contact]
