Thu, 10 Nov 2016 | BUSINESS SALE
Procurement software specialist Proactis Holdings is to buy a public sector systems provider in a deal worth £15.5 million.
Proactis said its acquisition of Aberdeen-based Millstream Associates was a “significant step” in its growth strategy.
Millstream provides e-procurement solutions to a wide range of public sector customers. The deal will be financed by a combination of a proposed placing and a revolving credit facility of £6 million.
Proactis said Millstream, which has more than 50 public sector clients, would complement its existing business.
Millstream has a track record of making strong profit and cash generation, reporting revenues of £4.9 million and adjusted EBITDA of £2 million for the year ended 30 June 2016.
Proactis chief executive Rod Jones said: "The acquisition of Millstream represents a significant step in our growth strategy, substantially increasing the scale of the group.
"The acquisition broadens both the product offering and the customer base on the buy side of the procurement process while also bringing scale of operation on the strategically important supply side of the procurement process.
"Millstream is a clear complementary fit to the group and provides some potential upside with cross-selling opportunities into both the Proactis and Millstream customer bases."
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