Capita agrees to buy AMT-SYBEX Group

15th Apr 2014 07:32

Capita has agreed to buy AMT-SYBEX Group, a software business specialising in mobile technology and smart data management to the utilities and transport sectors. The company will pay an initial consideration of £82m and a contingent consideration of up to £23m, based on the business reaching profit targets over the next year.The acquisition is complementary to Capita as it services its key markets in utilities and transport and brings major clients including National Grid, Network Rail and Transport for London. AMT is forecasting an operating profit of £13m on turnover of £45min its current financial year to January 2015."AMT is an innovative, high performing, quality business working with a range of industries and sectors undergoing huge competitive and structural pressures, including the deregulation of energy markets, the roll-out of smart metering and more demanding and connected customers," said Capita Chief Executive, Andy Parker."Its products and services allow clients to effectively manage data from a variety of sources, mitigate against risk and ultimately contribute towards better customer service."Completion of the acquisition is subject to approval from the competition authority in Ireland.RD