Together, I am confident we can drive positive change through technology, in a responsible way, and I look forward to seeing what we will achieve."
"In addition, the Board and I are delighted to have found another ethical business to join our purpose-driven Group. Importantly, their work complements the existing strengths of the Group, and means we are now able to offer a truly end-to-end service to public sector clients.
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Their work at the Rural Payments Agency, after a series of well-documented failures by larger monolithic providers, has contributed to KITS's reputation as a credible modern alternative providing outcomes and value that is orders of magnitude better than past options. KITS's reputation for delivering major service transformation programmes and for service integration and management is unparalleled. "Following a period of strong organic growth, I am delighted to today announce continued execution on our acquisitive strategy with the addition of Keep IT Simple into the Group. Neal Gandhi, Chief Executive Officer of The Panoply said: The acquisition of KITS is expected to be immediately earnings enhancing for the Group.Bringing another purpose-driven organisation into the Group, supporting The Panoply in its mission to deliver Sustainable Futures through Digital Transformation.The Acquisition will enable the Group to bid for multi-year projects several multiples higher in value than it can currently.Extension of the average length of client relationship and generation of a greater proportion of recurring revenues.While The Panoply's strength in technology has previously been in the discovery, alpha and beta (user research, design, prototyping and development) stages, KITS adds the capability to secure additional contracts running high value, high profile services to public sector customers, providing a complete end-to-end offering. Significant expansion of The Panoply's digital transformation capabilities for the public sector, enabling the Group to provide an ongoing managed support service to clients.The key benefits of the Acquisition include: KITS will be integrated into the Group's technology brand, Foundry4 and is being acquired from its sole shareholder, Grant Harris.įollowing the acquisition, the Directors now expect Revenue and Adjusted EBITDA for the year ending 31 March 2021 of not less than £48.5m and £6.6m respectively.
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KITS enters the Group having recorded unaudited revenues for the full year ended 31 December 2020 of £9.7m ( audited 18 months to : £10.9m), unaudited adjusted EBITDA and adjusted net profit before tax of £2.7m (audited EBITDA 18 months to : £3.3m) and with £30.3m of contract backlog to be recognised between 20.
With a proven track record, the acquisition of KITS enables the Group to bid for ever-larger contracts across both the public and commercial sectors. KITS typically delivers managed services, with market-leading expertise in service integration and management, which is seen by large organisations as the highest value-added layer in the technology services stack. KITS has built a reputation in the public sector for transforming and running live and critical services such as payments platforms on behalf of clients including the Rural Payments Agency and the Department for Environment, Food and Rural Affairs ("DEFRA").
The Panoply Holdings PLC (AIM: TPX), the technology-enabled services group focused on digital transformation, announces the acquisition of the entire issued and to be issued share capital of Keep IT Simple LTD (" KITS"), a provider of high value IT support and transformation services to public and private sector clients (the " Acquisition") for £26m. Our readers have come to expect excellence from our products, and they can count on us to maintain a commitment to producing rigorous and innovative information products in whatever forms the future of publishing may bring.This announcement contains inside informationĮxpands and strengthens capabilities, enabling the Group to bid for larger contracts Through our commitment to new products-whether digital journals or entirely new forms of communication-we have continued to look for the most efficient and effective means to serve our readership. Since the late 1960s, we have experimented with generation after generation of electronic publishing tools. The Press's enthusiasm for innovation is reflected in our continuing exploration of this frontier. We were among the first university presses to offer titles electronically and we continue to adopt technologies that allow us to better support the scholarly mission and disseminate our content widely. Among the largest university presses in the world, The MIT Press publishes over 200 new books each year along with 30 journals in the arts and humanities, economics, international affairs, history, political science, science and technology along with other disciplines.