Acquisition of Tecnodata Group
Date : 05 February 1998
Serco has agreed to acquire Tecnodata Italia s.r.l. and Tecnodata Computer Services (UK) Limited ('Tecnodata').
Tecnodata, based in Rome and Brussels, employs approximately 200 staff providing computer and communication support services to international agencies and commercial organisations across Europe. Its principal customers include the European Commission, the European Space Agency and the United Nations Food and Agriculture Organisation.
The consideration payable will not exceed £9.245 million of which £8 million will be paid on completion. The estimated turnover and profit before tax for the year ended 31 December 1997 are £7 million and £0.3 million respectively. The estimated net asset value at that date was nil.
The acquisition complements Serco's current business with the European Space Agency, significantly extending the business base into the European Commission and providing a further platform from which to expand the business in Europe.
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