Cybit announces proposed acquisition by Francisco Partners

  • Additional investment will help to expand business and develop new technologies to drive growth for the future
  • Full financial release distributed to stakeholders on Thursday 10th December 2009 available here

The boards of Cybit Holdings plc and Cyberspace Bidco Limited, an acquisition vehicle controlled by investment funds affiliated with Francisco Partners, have reached agreement on the terms of a recommended cash acquisition of Cybit Holdings plc. The terms of the acquisition value the entire issued share capital of Cybit Holdings plc at approximately £23 million.

Francisco Partners is a global technology-focused private equity fund that provides transformational growth capital to technology businesses. With approximately $5 billion under management, the firm is one of the largest technology-focused private equity funds in the world and has invested approximately $4 billion of equity capital in over 50 technology companies since its founding in 1999.

The investment by Francisco Partners will allow Cybit to further strengthen its position at the forefront of the telematics market. The additional financial resources will also allow for further expansion into new markets across Europe under the same management team that has significantly expanded Cybit’s position in the telematics market over the past five years. Finally, as a private company, Cybit will have more flexibility to re-invest in its technology and operations for the long term and thereby ensure that it stays at the forefront of the global telematics marketplace.

"While Cybit is already on firm footing financially today, the additional investment and security provided by Francisco Partners will be invaluable to our company moving forward," commented Richard Horsman, CEO, Cybit. "We believe this investment will provide substantial capital for future organic growth as we look to expand our offering of products and services. In addition, as the telematics market is currently quite fragmented and overall penetration still low, Cybit will be in a strong position to consider opportunities for acquisitive growth both in the UK as well as across the European continent."

The announcement of the proposed acquisition is the first step in a process which, if taken to its successful conclusion, will see Cybit de-listed from the London stock market and placed into private ownership early in 2010.

About Cybit:
Cybit is a global force in Telematics, operating within three core sectors: Internet-based vehicle Telematics solutions; Economic Exclusive Zone (EEZ) Management; and Private Mobile Radio (PMR) based asset tracking and precise positioning solutions.

In the vehicle Telematics sector, Cybit is one of Europe’s leading Telematics Service Providers. More than 2,000 business-to-business clients use the company's fleet and asset management solutions to manage in excess of 50,000 assets primarily in the public sector, service industries and logistics and distribution markets. Solutions include in-vehicle technologies, workflow management, CanBus integration and internet-based monitoring and reporting software. The company also provides consulting services to advise on operational and legal issues such as duty of care and working hours.

Cybit is also a global leader in the field of EEZ fisheries management, tracking many thousands of fishing vessels on a daily basis. The company provides vessel monitoring and catch management solutions for many of the world’s major fishing nations. As well as EC governments including the UK, Ireland and Greece, Cybit helps to manage valuable fishing stocks for emerging nations such as Ghana, Namibia and Mozambique.

Cybit’s PMR business provides asset-tracking and precise positioning solutions for both maritime and land-based applications including mineral exploration and coastal security, Its precise positioning solutions are in constant use in the location and exploitation of oil, gas and mineral reserves around the globe.

Additional information is available at www.cybitholdings.com, www.cybit.co.uk, www.truck24.com, www.amatics.com, www.cybitpositioningsolutions.co.uk and www.bluefinger.com

Contact information:

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

Graham Gordon
Marketing Manager, Cybit
Tel: 01480 389100
Email: ggordon@cybit.co.uk

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