SCISYS PLC Commercial milestone achieved by ANNOVA Systems (4580N)
August 09 2017 - 1:00AM
UK Regulatory
TIDMSSY
RNS Number : 4580N
SCISYS PLC
09 August 2017
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014
SCISYS PLC
(SSY: AIM)
Commercial milestone achieved in BBC contract by ANNOVA Systems
GmbH
SCISYS PLC ("SCISYS"), the supplier of bespoke software systems,
IT-based solutions and support services to the Media &
Broadcast, Space, Government, Defence and Commercial sectors, is
pleased to make the following announcement, further to its
acquisition of ANNOVA Systems GmbH ("ANNOVA") in December 2016.
ANNOVA has successfully completed a key milestone in respect of its
long-term contract with the BBC, for the supply of ANNOVA's
OpenMedia software. With the critical software functionality
implementation and live pilot milestones successfully completed,
roll-out of ANNOVA's OpenMedia software solution across the BBC
will now start as part of the next stages of this project.
On achieving this milestone, an earn-out payment of EUR2.02m
will become payable to the sellers of ANNOVA in respect of ANNOVA's
financial year ending 31 December 2016. This will be satisfied by a
cash payment of EUR1.82m, funded from existing cash resources and
bank facilities, with the balance to be satisfied in new ordinary
shares in SCISYS, subject to a 36 month lock-in. A further
announcement will be made once the final number of shares is
determined in accordance with the terms of the original acquisition
agreement, and application for admission to AIM will be made.
ANNOVA (www.annova.tv), based in Munich with roots going back to
1989, is a leading supplier of newsroom editorial solutions in the
media sector. It has a robust business model based on its mature
OpenMedia software solution. OpenMedia provides next-generation
newsroom system functionality, enabling story-centric workflows for
news to be created for distribution on any medium. OpenMedia
software licence sales are complemented by the sale of professional
and consultancy services.
Commenting, Klaus Heidrich, CEO of SCISYS said:
"Congratulations to the entire ANNOVA management and team. We
are excited that ANNOVA has successfully achieved this important
project milestone in close cooperation with the customer, which
supports our assumptions made when evaluating the potential in
ANNOVA's contract with the BBC.
"The team will maintain the momentum as it moves into the
so-called transition phase where OpenMedia will be deployed across
the BBC. The achievement is testament to the outstanding
capabilities and performance of ANNOVA and impressively proves the
rationale for this acquisition."
For further information please contact:
+44 (0)1249 466
SCISYS PLC 466
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Mike Love Chairman
------------------ ------------------- ---------------------------
Klaus Heidrich Chief Executive
Officer
------------------ ------------------- ---------------------------
Chris Cheetham Finance Director
------------------ ------------------- ---------------------------
finnCap (NOMAD
& Broker) +44 (0)20 7220 0500
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Julian Blunt Corporate Finance
------------------ ------------------- ---------------------------
Mia Gardner Corporate Broking
------------------ ------------------- ---------------------------
WalbrookPR +44 (0) 20 7933
Tom Cooper/Paul 8780
Vann +44 (0)797 122 1972
tom.cooper@walbrookpr.com
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About SCISYS:
Employing around 500 staff, SCISYS group is a leading developer
of information and communications technology services, e-business,
web and mobile applications, editorial newsroom solutions and
advanced technology solutions. The Company operates in a broad
spectrum of market sectors, including Media & Broadcast, Space,
Government and Defence and Commercial sectors. SCISYS clients are
predominantly blue-chip and public-sector organisations. Customers
include the Environment Agency, the Ministry of Defence, Airbus
Defence & Space, Arqiva, Vodafone, the European Space Agency,
EUMETSAT, the BBC, RNLI, Interflora and the National Trust. The
Company has UK offices in Chippenham, Bristol, Leicester and
Reading and German offices in Bochum, Darmstadt and Munich. More
information is available at www.scisys.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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