US firm swoops for ServicePower in £13.65m deal
LOSS-making mobile workforce software supplier ServicePower Technologies is set to be bought by Diversis Capital UK, a subsidiary of US company Diversis Capital, for £13.65m.
The boss of Diversis has now pledged investment into “all areas of the software suite” of the AIM-listed Stockport company.
Under the terms of the offer, shareholders of ServicePower will be entitled to receive 6p for each share held.
Diversis is a company incorporated in England and Wales and is wholly owned by Diversis Capital, a private equity firm which provides investment into numerous sectors, but with a core focus on technology, and specifically software.
In September, ServicePower, which employs around 100 staff, reported a half-year pre-tax loss of £700,000 and year-on-year revenue down to £6.4m from £6.9m.
ServicePower chairman Hugh Fitzwilliam-Lay said: “As the business and our clients’ needs have continued to evolve, the board has given much thought about how best it advances the business. I am confident that this transaction will allow ServicePower’s business to grow and better serve both its customers and employees.”
Ron Nayot, a director of Diversis, said: “We are excited about the acquisition of ServicePower and to partner with the current management team to build on a software suite which, in my opinion, already has very high marks in the industry.
“Going forward, we plan to invest further in the development of all areas of the software suite to deliver the best possible experience for customers.”
