Deal agreed for Atlantic Global
ATLANTIC Global, the listed business software company, is to be bought in a £5m deal by a US company headed by a Forbes Rich list entrepreneur.
KeyedIn Solutions, a Minnesota-based ‘Software as a Service’ company founded by IT entrepreneur George Klaus, is buying Cleckheaton-based Atlantic. KeyedIn has a UK office in Ilkley.
The cash deal ends a process that has seen Atlantic inviting approaches from potential suitors since last autumn.
The 22p per share offer for Atlantic, which values the company at £4.9m, is a 76% premium to the share price at the start of the offer period last September.
KeyedIn, which plans to grow Atlantic’s products in the US and other markets, said the ongoing involvement of Atlantic’s chief executive Eugene Blaine following the deal was “fundamental” to the company’s continued growth.
James Waterhouse, managing director of KeyedIn in the UK, said: “This is a great opportunity both for KeyedIn and Atlantic Global. This move safeguards Atlantic Global’s presence in Yorkshire whilst at the same time opening up significant international opportunity for expansion.
“We believe that the ability to take this product into the US and deliver growth will be of great benefit to both current customers and the team at Atlantic Global.
“It is fantastic to see US investment in home grown British IP and even better that the business is committed to driving business growth in Yorkshire, and the development of the solution from Atlantic Global’s current base in Cleckheaton.”
Mr Blaine said: “The team at Atlantic Global has created a world-class solution that has been adopted by some of the largest companies around the globe.
“The synergies between what Atlantic Global needed to drive the next phase in our expansion and what the KeyedIn team offered were startling. Bringing together our world class products and the international sales and marketing experience of the KeyedIn team made this a compelling proposition for our employees, customers and shareholders.”
KeyedIn Solutions helps mid-market companies maximise their assets to streamline workflow, increase efficiency and save money with easy-to-use, centrally-hosted online applications.
KeyedIn was advised by law firm Pinsent Masons in Leeds. Lead partner was Alison Starr assisted by Alan Chan and Anaick Summers, plus specialist tax lawyers John Christian, Suzannah Crookes and Jon Robinson.
Shareholders have been recommended to support the deal.
