Spectris plc Acquires ReliaSoft Corporation
Spectris plc ("Spectris") (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces that it has completed the acquisition of the privately-held ReliaSoft Corporation ("ReliaSoft"), based in Arizona, USA. The purchase consideration of $42 million (approximately £28 million), on a debt and cash-free basis, will be met from existing cash and bank facilities and is subject to routine balance sheet adjustments.
ReliaSoft is a leading provider of reliability engineering software, education, consulting and related services to product manufacturers and maintenance organisations around the world. It provides innovative, high quality and technologically advanced solutions to its clients, enabling them to improve product reliability, enhance productivity and improve their return on investment. ReliaSoft will be integrated with HBM nCode within Spectris' Test and Measurement segment. HBM nCode is an engineering software business which is a global leader in providing technology and software solutions for durability and performance analyses, and the combination of ReliaSoft and HBM nCode will enable the business to strengthen and extend its offer across the large Quality, Reliability and Durability (QRD) software market. For more information on ReliaSoft visit www.reliasoft.com.
Eoghan O'Lionaird, Business Group Director, said: "ReliaSoft is an important and strategic addition to HBM nCode which extends our presence in engineering application software. It is a leader in a niche high-growth, productivity-enhancing market, and we will support ReliaSoft to strengthen its market position, expand internationally and accelerate its growth. We believe there is a strong cultural fit with HBM nCode, and that the combined capabilities will create additional value for our customers as well as increasing HBM's resilient revenue stream. The acquisition is also in line with our strategy to grow existing businesses through acquisition, and fits the Spectris financial profile of attractive margins and strong cash generation."