ICON advises LalPac on its sale to AIM listed IDOX Plc
LalPac is one of the UK’s leading providers of licencing management software and services, supplying over 131 local authorities. The company has developed leading, proprietary software which makes the issuing, tracking and management of statutory compliance matters more cost effective. The company is profitable and has a high quality SaaS style recurrent revenue stream.
IDOX Plc is a leading developer and supplier of software solutions and information services to the public sector and increasingly to the wider corporate sector. The acquisition will see the LalPac suite of products take its place as an important part of a broader range of products and services that IDOX provides, covering service areas as diverse as Development Control, Revenues and Benefits, Environmental, Health, Elections administration, Housing and Social Care. Over 90% of UK local authorities are now IDOX customers
The completion of the acquisition was conditional on IDOX receiving confirmation from the Office of Fair Trading (‘OFT’) that the acquisition will not be referred to the Competition Commission for further investigation in accordance with the Enterprise Act 2002.
Martin Brooks, IDOX Chairman, said “This acquisition will provide significant cross-selling opportunities within our customer base and ensure that we continue to deliver innovative solutions to our customers that can help them achieve efficiencies.”
“We are delighted with the outcome. We appointed ICON after a thorough review of potential advisers and would not hesitate to recommend them. They added considerable competitive tension to the deal, which increased value for shareholders despite the background of public sector spending cuts and the added complexity of an OFT Review”.
Peter Colson, Founder, of Lalpac