Eleco acquires Asta for £7.65m
Herts-based building-systems manufacturer and autocad designer, Eleco, has announced the acquisition of project management software designer, Asta for £7.65m.Asta is a leading provider of project and resource management software applications and support services principally to the UK construction and engineering industries and also to Information Technology and professional services organisations.
Asta’s project management software is used by 43 out of the top 50 main contractors in the UK by turnover and by nine out of the top 10 UK housebuilders by turnover.
In the year ended September 30, 2005, Asta brought in revenues of £3.8m and a pre-tax profit of £0.6m.
It employs 54 staff and Eleco intends to keep the existing management team. Eleco has also announced the placing of 3.75m shares.
The renumeration for the acquisition is to take the form of £3.3m in cash from Eckoh’s existing resources, £1.4m in existing shares and £3m from the placing of 3.75m new shares at 80p per share.
The acquisition and placing are conditional upon the admission to trading of the New Eleco Shares.