Surrey-headquartered
software and IT services company, Advanced Computer Software plc (ACS), announced
that it has acquired accounting and back office software provider, Computer
Software Holdings (CSH), from HgCapital in a £110M deal. The transaction has been
financed through ACS’s existing cash resources, a recent placing which raised
£44M, and new bank debt. This includes a new £105M facility with Silicon
Valley Bank, HSBC and RBS. The enlarged group will have 1,900 staff serving
20,000 customers across the UK, US and Ireland.
“We are delighted
to be supporting Advanced Computer Software Group in this important
transaction and look forward to working with the management team as they
continue to grow the business”, commented Paul Jackson, Managing Director of
Corporate Banking at Silicon Valley Bank’s UK Branch.
Vin Murria, Chief Executive of
ACS, said:”We are pleased to have Silicon Valley Bank join as one of our
banking partners and believe their technology sector expertise here in the UK
and North America will complement the strong relationships we have with our
existing lenders.”
About Silicon Valley Bank
Silicon
Valley Bank is the premier bank for technology, life science, cleantech,
venture capital, private equity and premium wine businesses. Silicon Valley
Bank and its affiliates within SVB Financial Group provides industry
knowledge and connections, financing, treasury management, corporate
investment and international banking services to its clients worldwide
through 27 US offices and seven international operations in China, India,
Israel and the UK. (Nasdaq: SIVB) www.svb.com/uk
Silicon
Valley Bank is registered in England and Wales at 41 Lothbury, London, EC2R
7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated
by the Financial Services Authority, FSA reference number 577295. Silicon
Valley Bank is the California bank subsidiary and the commercial banking
operation of SVB Financial Group. Banking services are provided by Silicon
Valley Bank, a member of the FDIC and the Federal Reserve System. SVB
Financial Group is also a member of the Federal Reserve System.
About Advanced
Computer Software plc
Advanced Computer
Software Group plc (Advanced) is the leading supplier of software and IT
services to the health, care and commercial sectors with a primary focus on
delivering high quality products and services to enable first class delivery
of care in the community. Advanced's portfolio for the health and care
sector includes IT management and analytics systems for out-of-hospital
applications covering urgent and unplanned care, district nursing, hospices,
residential care homes, telehealth, end-of-life and long-term-condition
management; as well as mobile information systems for community carers. Advanced additionally delivers back-office
systems for NHS trusts, local authorities and care providers and is further
strengthening its position in the health checks and pharmacy services
markets. Working with partners in the NHS, local government and the private
sector, Advanced delivers IT in support of safe and efficient care delivery
and greater information for both the commissioner and care provider. The
company's unique proposition is the breadth of integrated health and care
solutions from patient-facing IT systems through to back-end operational
systems and services.
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