Affirms Position as Leader in Analytics and Business Intelligence
~ Lasata joins MIS AG in Systems Union’s BI Division ~
MIAMI, FL – Tuesday, June 1, 2004: Systems Union Group plc, parent of Systems Union Inc., today announced that it has agreed to acquire Lasata, a leading provider of business intelligence software solutions and longstanding provider of reporting and analysis software to the Group and other international companies. The consideration for the acquisition, which comprises cash, shares and options, values Lasata at up to $18.5 million (£10.0 million). An additional cash payment of $1.8 million (£1.0 million) will also be made for the surplus capital in the business.
The acquisition of Lasata will be a tremendous complement to the comprehensive set of business intelligence and analytics solutions introduced after Systems Union acquired German-based MIS AG for $40 million late last year.
No other mid-to-large market vendor in the world can offer such a wide range of functionality.
Headquartered in Perth, Australia, Lasata is an important supplier to Systems Union. It provides analytical tools, which are fully integrated into the Group’s SunSystems and Pegasus software products. Lasata's applications provide real-time data access and drill down functionality when generating reports for business users. In 2003, this functionality was extended to general business application software thereby significantly increasing the scope of the product to many other software applications and end users.
Lasata complements MIS and will be integrated into the Business Intelligence (BI) Division. The Directors believe that the combination of the recently acquired MIS and Lasata will provide a unique and comprehensive suite of reporting and analytical tools for the newly established BI Division. There is a significant opportunity to increase revenues from the Group’s customer base in both divisions, globally, in an open market.
Paul Coleman, Chief Executive Officer of Systems Union, commented: “I am delighted to have Tony Farrell and Steve Wall, joint owners and founders of Lasata, together with the knowledge base and expertise of the entire Lasata team, join the BI Division. Mr. Wall and Mr. Farrell will join the BI Division's Executive Management Team to work closely with Peter Raue (Chief Executive Officer BI Division). Bringing Lasata into the BI Division means that we can now accelerate the growth of the combined MIS and Lasata products to both the existing customer base and to users of other business applications. We very much look forward to working closely with the Lasata management team to maximize the tremendous opportunities that this acquisition brings.”
Steve Wall, joint managing director of Lasata, commented: “This is an extremely exciting combination which will provide customers with unparalleled opportunity to access and report from live and warehouse data of many varied applications at the same time. We have enjoyed a strong relationship with Systems Union and channel partners worldwide over many years. Systems Union’s BI Division is now truly open with Vision operating with MICROS-Fidelio, MAXIMO®, SAP Business One, Microsoft Business Solutions and other strategic financial applications. The Systems Union’s BI Division can now tailor reporting for any business application with ease.”
For further information, please contact:
Director of Marketing, Americas, Systems Union Inc.
Notes to editors:
About Systems Union
Systems Union Group plc is a leading, global software company, quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. Its existing businesses comprise Systems Union Holdings Ltd (author of SunSystems), MIS AG, Pegasus Software Ltd and REDtechnology Services Ltd.
SunSystems is a world leader in financial and business management software solutions with 25 offices worldwide and 200 channel partners in 72 countries. The SunSystems product range is available in 30 languages with over 18,000 customer sites, and 250,000 customer seats in 194 countries. SunSystems' customers include 45 of the world's 50 largest corporations, 75 of the FTSE100 and one quarter of the Fortune 500.
More than 1,300 companies around the world use MIS business intelligence software solutions. Headquartered in Germany, MIS provides organizations with extensive planning, reporting and analysis capabilities enabling them to conduct business-critical activities ranging from real-time sales analysis and consolidation to risk management and long-term planning.
Pegasus Software is a UK accounting and business software solutions provider for small and medium-sized businesses. The company has 30,000 customers and 250 re-sellers and its products include Opera, Operations and Capital Gold.
REDtechnology is a web development and hosting company based on Oxford. It has 300 customers, predominantly mid-sized UK-based organizations. Products include ConductIT for web content management, PromoteIT for email marketing and FileIT for document management.
Lasata Software is the developer of the internationally recognized Vision reporting, business intelligence and analytics software suite. Vision has over 75,000 users in 158 countries and 8 languages. It is a rapidly emerging leader in the pan application reporting market, and enables users to rapidly generate reports and analysis of data from financial and front office systems, regardless of format. This is achieved by using its Serduct technology, which is a business logic integration layer that removes the need to invest heavily in new technology. It does this by integrating Vision with underlying applications, encapsulating all of the navigation, security and rules already in place. As a result - and for the first time - users, irrespective of the size of the organization, can have access to business intelligence, previously restricted to large-scale, enterprise-wide systems.
Founded in Australia in 1989, Lasata has offices in London, Perth and Vancouver.
For the year ended 30 June 2003 Lasata reported a profit before tax of approximately $3.3 million (£1.8 million) on revenues of $10.8 million (£5.9 million). At that date it had net tangible assets of $1,650,000 (£0.9 million).