NetDimensions Expands Presence in the Americas with Acquisition of BPTech
NetDimensions has acquired the tangible and intangible assets of Business Performance Technology, LLC ('BPTech') for a total consideration of US$950,000 in cash. BPTech, founded in 2000, is a US-based custom courseware developer and also provides services in LMS hosting, platform integration and learning portal development & management.
NetDimensions (London Stock Exchange, AIM: NETD), a global provider of performance, knowledge and learning management systems, announces that it has acquired the tangible and intangible assets of Business Performance Technology, LLC ("BPTech") for a total consideration of US$950,000 in cash.
BPTech, founded in 2000, is a US-based custom courseware developer and also provides services in LMS hosting, platform integration and learning portal development and management. BPTech is located in Rocky Hill, Connecticut and employs ten people (www.bp-tech.com). Its 2009 revenue was US$1.2M with US$0.1M in profit.
In terms of consideration US$850,000 cash will be paid immediately and US$100,000 will be paid upon receipt by NetDimensions of satisfactory evidence that all outstanding loans and credit lines against the Business have been fully satisfied. As a result, NetDimensions will purchase the tangible and intangible assets: book debts, business information, business intellectual property rights, business names, cash, contracts, employees, equipment, goodwill, intellectual property license, lease, records and systems.
Peter Barrett, the founder & CEO of BPTech, will stay on with the new combined company and become the President of North & South America. The existing US business will be folded into BPTech's existing operations.
Jay Shaw, NetDimensions CEO, commented: "The acquisition of BPTech will give us a larger presence in the US and the ability to grow the business more quickly by cross-selling the combined companies' products and services to our customers. We are pleased that Peter Barrett, with his years of experience in this industry, will stay on to run the combined operations."
Peter Barrett commented: "NetDimensions is an outstanding company with excellent products. The opportunity to represent them and to offer customers a complete range of product and service options from platform to custom development will be exciting for us and our customers."