LONDON – Bridgepoint Advisers II Restricted’s subsidiary, Eagle UK Bidco Restricted (“Bidco”), has agreed to accumulate Eckoh plc, a safe cost and buyer engagement software program supplier, for an estimated £169.3 million. The acquisition, which will likely be executed through a Scheme of Association, provides 54 pence in money per Eckoh share, representing a big premium over current closing costs.
The provide value displays an 11.34% premium to Eckoh’s closing share value on August 21, 2024, and a 34.98% premium to the six-month volume-weighted common value main as much as that date. The transaction values Eckoh’s issued and to be issued share capital on a completely diluted foundation and implies an enterprise worth of roughly £161.8 million, equating to a a number of of 15.9x Eckoh’s adjusted EBITDA for the yr ended March 31, 2024.
Eckoh’s board views the acquisition as a gorgeous premium, providing full worth for the enterprise in comparison with current M&A transactions involving UK-listed expertise friends. The acquisition by Bridgepoint, a worldwide non-public asset development investor, is anticipated to shut in Q1 2025, topic to shareholder approval and court docket sanctioning.
Bridgepoint has outlined plans to additional Eckoh’s development by geographic growth, product innovation, and focused acquisitions, leveraging the corporate’s sturdy place in a distinct segment market with rising demand for safe information safety in buyer interactions.
Eckoh’s administration staff, led by CEO Nik Philpot and CFO Chrissie Herbert, helps the acquisition, seeing it as a chance to speed up funding methods and obtain long-term development with larger flexibility underneath non-public possession. The administration staff has entered into rollover preparations with Bidco, underneath which they may reinvest a portion of their shares into the buying entity.
The acquisition has acquired unanimous help from Eckoh’s impartial administrators, who suggest that shareholders vote in favor of the scheme. Main shareholders have additionally signaled help by irrevocable undertakings and a letter of intent.
Eckoh, with a historical past of over 20 years involved middle expertise, focuses on options that shield delicate buyer information throughout varied communication channels. The corporate serves over 200 enterprise purchasers globally and holds a number of patents for its information safety options. For the monetary yr ended March 31, 2024, Eckoh reported revenues of £37.2 million and adjusted EBITDA of £10.2 million.
This information is predicated on a press launch assertion.
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