Connecting to LinkedIn...


Dillistone Group Plc Announces Acquisition of FCP Internet Limited

Dillistone Group Plc Announces Acquisition of FCP Internet Limited
London (UK), July 9, 2013 - Dillistone Group Plc (, the AIM quoted parent of Dillistone Systems ( and Voyager Software (, has today announced the acquisition of FCP Internet (FCP), supplier of the evolve&trade SaaS application used by hundreds of recruiters around the World (  Dillistone Group will pay up to &pound2.1Milllion, subject to the performance of the business.  The consideration is being paid entirely out of Dillistone’s cash reserves, but the Group remains debt free.
The Dillistone Group previously acquired Voyager Software in September 2011, and FCP Internet will become part of that division.  Dillistone is committed to the on-going supply, support and development of evolve&trade and, to facilitate this, with the exception of the departing Directors, all FCP Internet staff are expected to join the enlarged group.  
Nick John, the departing Chief Executive of FCP commented: “We are very pleased to have completed this deal with Dillistone.  Although we have had a number of more lucrative offers from potential buyers, we were always very clear that we would only sell to an acquirer that would offer an acceptable level of service to our clients.  Dillistone Group has a commitment to customer service which mirrors our own, and the financial and technical strength to ensure that this will be a good move for all those recruiting firms who depend on evolve&trade, day in day out. The sale allows myself and the other Directors to focus on building our newer venture – which has the potential to become the leading SaaS provider of Compliance Management software.”
Dillistone Group CEO, Jason Starr, added:  ““We are delighted to have secured the acquisition of FCP Internet.  We believe that this deal will be beneficial for the staff and clients of FCP Internet and of our existing businesses, as well as being immediately earnings enhancing for our Shareholders. We are very excited by the Group’s prospects following this acquisition.”.
“It is our view that the recruitment industry has too many software suppliers competing for too few clients.  There are many small suppliers with excellent products but, over the longer term, we believe that the firms that spend the most on development and customer service will typically have better products and happier clients than those that are unable to invest to the same extent.  This means that the former will win more business, and the process becomes a virtuous circle.  As a result, the recruitment software industry is seeing consolidation on both sides of the Atlantic, and we expect this to continue.”
FCP Internet will become part of the Voyager Software division.  Voyager’s Managing Director, Simon Warburton, commented:  “We are delighted to be welcoming the FCP
team and clients into our group.  FCP has always had a terrific reputation for service, and this is something that we intend to maintain and build on.
“My personal view is that FCP’s transferring staff and evolve’s users will both thrive under the Dillistone Group wing.  The ethos of the group is about quality and service, and we invest heavily to deliver that – Voyager’s headcount is roughly 20% higher than it was when we joined Dillistone, we’ve signed up well over 100 new clients and invested heavily in product development.  Our acquisition has been good for us, and I’m sure this acquisition will be just as good for FCP.  We’ll be hosting a webinar for FCP’s clients in a week or so, and it wouldn’t be appropriate to give away too many of our plans in advance of that – but what I can say is that we will guarantee to develop and support evolve for at least three years and no client will be forced to move from evolve to any of our other platforms.”


Articles similar to

Articles similar to