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
Computer Software plc
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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