Elecosoft Acquires UK’s CMMS Provider Shire Systems for 6.3M Pounds
BUCKINGHAMSHIRE, UK, Aug 7, 2018 - The Board of Elecosoft announces the acquisition of Shire Systems Limited (“Shire Systems”), a profitable leading UK provider of computerised maintenance management software (CMMS), from Shiresoft Ltd, for a total consideration of £6.3m in cash; comprising an enterprise value of £5.1m on a cash and debt free basis, and an estimated £1.2m net cash, subject to review of the completion accounts and working capital.
The acquisition is a significant advancement in Elecosoft’s successful strategy of investing in synergistic software products and technologies to strengthen its construction software portfolio. It will extend Elecosoft’s software portfolio beyond early-stage project planning, design and construction applications, to asset maintenance management applications for plant and equipment and building lifecycle management.
Shire Systems is based in Southampton from where it services a nationwide customer base. Its core product is Pirana, and as at the end of 2017 it boasted over 800 active customers and organizations engaged in a diverse range of industries.
We extend a warm welcome to the Shire Systems team who bring extensive knowledge and experience to the Elecosoft group.
The Board of Elecosoft is confident that Shire Systems’ asset maintenance and management expertise together with Elecosoft’s BIM industry expertise and construction data storage capability will provide significant opportunities for the development of new software applications in the post-construction phase of the life of a building.
John Ketteley, Executive Chairman of Elecosoft plc, said, “The acquisition of Shire Systems represents another significant milestone in the development of Elecosoft as a leading provider of co-ordinated BIM led software systems for the construction industry. The addition of Shire Systems computerised maintenance management software to Elecosoft’s existing software portfolio will enable Elecosoft to provide construction companies and property investors with a CMMS solution. The acquisition of Shire Systems represents another step towards achieving Elecosoft’s objective of developing a comprehensive BIM led program of co-ordinated software applications for use in each stage of a building’s life cycle, both before and after completion of the build phase.”
About Elecosoft plc
Elecosoft is a specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner-Operator industries and digital marketing industries from centres of excellence in the UK, Sweden, Germany and the US. Elecosoft’s market leading software solutions are developed by teams in the United Kingdom, Sweden and Germany; and its software solutions cover project management, construction site management, estimating, timber engineering, 3D design and visualisation, and cloud based digital marketing solutions. Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO). For more information, visit https://www.elecosoft.com.