Cybit acquires Bluefinger Limited for GBP 1.62m

  • Acquisition of vehicle telematics business with 200 customers and 3,700 vehicles cementing Cybit's position as the UK's market leader in Internet based solutions of this kind
  • Acquisition of maritime telematics business delivering high value Economic Exclusion Zone (EEZ) solutions to a global client base including the UK and international governments
  • Additional complementary solutions and intellectual property to further complement Cybit's growing solutions portfolio
  • Acquisition represents significant extension to and expansion of Cybit's core business in a high growth environment
  • Addition of approximately GBP 750k of high margin, annualised, service based revenues expected

Cybit, the UK’s leading online Telematics Service Provider (TSP), has announced the acquisition of Bluefinger, a vehicle and maritime telematics business, for a total consideration of GBP 1.62m, including GBP 0.5m of debt.  

Richard Horsman, Chief Executive Officer, Cybit, added: "I am delighted that we have completed the acquisition of Bluefinger. This is a significant milestone for Cybit, reinforcing our position as the UK's market leader in Internet-based telematics solutions for vehicle operators and extending our reach into the maritime arena where we see new and exciting opportunities."

In the year to 31st July 2005, Bluefinger reported turnover of GBP 3.3m (2004: GBP 3.3m), a profit before tax of GBP 36,000 (2004: GBP 121,000) and net assets of GBP 769,000.

Bluefinger, which is based in Somerset, was formed following a management buy-out of the maritime telematics business of Thales Tracs, a world leader in maritime systems.  

Since the buy-out, Bluefinger's management has successfully developed a significant vehicle telematics division.  Today, the division has approximately 200 customers covering a vehicle base of some 3,700.  A number of synergies between this division and Cybit's business have been identified.  The acquisition of Bluefinger will cement Cybit's position as the UK's market leader in Internet based solutions of this kind.

Bluefinger's maritime telematics are used predominantly by government agencies to protect and manage sovereign assets including valuable fish stocks.  Current customers include the UK, Tanzanian and Ghanaian governments and the Southern African Development Community. Within an overall multi-billion pound market, it is estimated that Bluefinger currently has a 30 per cent share of available contracts in its specific target sector.  With an increased focus on coastal security around the world, the management believes that this is an expanding marketplace with high barriers to entry and commensurately attractive margin levels.

Additionally, Bluefinger is involved in the development of technology to track light aircraft.  

About Cybit:
Cybit is a leading Internet-based Telematics Service Provider (TSP) and supplier of fleet and asset management solutions to the business-to-business sector. Cybit’s solutions portfolio includes vehicle tracking and management, lone worker support and car pool management. Hundreds of companies across a wide range of industries already use Cybit’s online solutions to improve the management and control of their fixed and mobile assets. Additional information is available at www.cybit.co.uk

Contact information:
Duncan Burford
IBA - PR for Cybit
Tel: 01780 721 433
Email: dburford@iba-europe.com

Chris Linney
Senior Marketing Executive, Cybit
Tel: 01480 389100
Email: clinney@cybit.co.uk


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