TIDMTRAK
RNS Number : 2379Q
Trakm8 Holdings PLC
16 June 2015
16 June 2015
TRAKM8 HOLDINGS PLC
("Trakm8" or the "Group")
Camera Product and Technology Acquisition
and
Directorate Change
Trakm8, the AIM-listedtelematics and data provider to the global
market place,is pleased to announce it has acquired the business
and assets of DCS Systems Ltd ("DCS") for a cash consideration of
GBP3.3 million (the "Acquisition").
Acquisition
DCS specialises in the design and distribution of camera systems
for the motor vehicle, bicycle and security markets. DCS trades
under three main brands: RoadHawk, Dogcam and Lawmate.
The Acquisition is in line with Trakm8's strategy of augmenting
its organic growth with selective acquisitions that expand its
telematics offering to both insurance and fleet customers. Cameras
are being increasingly used in a wide range of applications,
including a significant demand for forward facing vehicle cameras
to record driving incidents and to mitigate the risk from 'crash
for cash' accidents. Trakm8 has an existing relationship with DCS,
supplying some Trakm8 customers with its RoadHawk cameras.
DCS's last unaudited accounts for its financial year ending 30
April 2015 reported revenues of GBP2.8 million and profit before
tax of GBP0.6 million. Trakm8 funded the Acquisition from its
existing cash and bank facilities. Trakm8 has also obtained a
further debt facility from HSBC Bank of an additional GBP2 million
taking the total debt facility to GBP5.7 million, of which GBP3.7
million is now drawn down following the Acquisition. DCS will
continue to be based in Bodmin, Cornwall and has six staff.
The Acquisition is expected to be immediately earnings
enhancing.
Directorate change
Reflecting the strong growth of the Group, Trakm8 is also
pleased to announce a strengthening of the Board of Directors with
three new appointments. These are expected to enhance its corporate
governance and ensure it has the management team to implement its
growth plans and integrate acquisitions successfully.
Bill Duffy is joining the Board as an additional independent
Non-Executive Director. Bill has considerable commercial experience
having been CEO of Andrew Page, Halfords Autocentres and a number
of other leading automotive aftermarket companies. He has also been
a consultant to the Board over the past 12 months.
In addition Trakm8 is appointing two executives to be Directors
of the Group: Sean Morris, as Group Engineering Director and Mark
Watkins as Group Operations Director. Sean joined the Group six
months ago following senior engineering positions at Continental
UK, RAC and Aston Martin. Mark joined the Group 15 months ago as
the Managing Director of BOX Telematics following a successful
career in IT and operations at Continental UK and Ford Motor
Co.
John Watkins, Executive Chairman of Trakm8 comments:
"The acquisition of DCS marks another significant milestone in
Trakm8's growth strategy and reflects the growing demand from our
fleet and insurance customers for camera applications. We plan to
deepen the integration of the camera technology into our telematics
solutions for both our fleet and insurance clients.
"Video data is increasingly used to monitor behaviour and to
replay outcomes. The increase in the richness of the data generated
by our telematics solutions will continue the trend of the
increasing value for money in our propositions."
The following information regarding William Kenneth Duffy's
(aged 56) appointment is required to be disclosed under Schedule 2g
of the AIM Rules for Companies:
Other directorships held:
Current: Within the last five
years:
Econnect Cars Andrew Page Limited
Limited Camberley Auto Factors
Pangburn Consultants Limited
Limited Halfords Autocentres
Limited
Halfords Autocentres
Acquisitions Limited
Halfords Autocentres
Developments Limited
Halfords Autocentres
Funding Limited
Halfords Autocentres
Holdings Limited
NW Autocentres Limited
Oldco 1 Limited
Parts Direct Limited
Stop n'Steer Limited
Mr Duffy owns 20,000 Ordinary Shares in the capital of
Trakm8.
The following information regarding Sean Anthony Morris' (aged
50) appointment is required to be disclosed under Schedule 2g of
the AIM Rules for Companies:
Other directorships held:
Current: Within the last five
years:
n/a n/a
Mr Morris does not own any Ordinary Shares in the capital of
Trakm8.
The following information regarding Mark Richard Watkins' (aged
34) appointment is required to be disclosed under Schedule 2g of
the AIM Rules for Companies:
Other directorships held:
Current: Within the last five
years:
Box Telematics Watnets
Ltd
Mr Watkins owns 250,128 Ordinary Shares in the capital of
Trakm8.
There are no further disclosures to be made under Schedule 2g of
the AIM Rules for Companies.
-Ends-
For further information please contact:
Trakm8 Holdings plc 01747 858444
John Watkins, Executive Chairman
James Hedges, Finance Director
MHP Communications 020 3128 8100
Reg Hoare / Jade Neal
finnCap 020 7220 0500
Ed Frisby / Christopher Raggett - corporate
finance
Joanna Weaving - corporate broking
About Trakm8
Trakm8, the M2M telematics company using Big Data analytics to
improve driver behaviour is a leading technology designer,
developer and manufacturer of telematics products and
solutions.
The Group, based in Shaftesbury, Dorset, distributes its
hardware and software through a network of distributors worldwide.
In addition the Group provides vehicle monitoring and tracking
services direct to the B2B market. Trakm8's IP owned products and
services allow vehicles and drivers to be monitored, allowing
organisations to manage deliveries and services, or track stolen
vehicles down to five metres.
Recently Trakm8 have developed the T10 product range, which
includes a self-install telematics device. The Group's services
also include driver behaviour management solutions that can reduce
fuel consumption by 10% or more, reduce risk of accidents,
logistics routing & scheduling packages, and tachograph data
reporting. The Group's customers include Direct Line Group, Eon,
the AA, Fujitsu and Kubota.
Trakm8 has been listed on the AIM market of the London Stock
Exchange since 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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