Allocate Software plc
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Allocate Software plc

December 16, 2009 02:01 ET

Completion of the Acquisition of Time Care AB

16 December 2009
                                                       
                                             ALLOCATE SOFTWARE PLC
                                         ("Allocate" or "the Company")
                                                       
                                 Completion of the Acquisition of Time Care AB
                                                       
The  Board  of Allocate (the "Board") is pleased to announce that, further to its announcement of  27  November
2009,  the  Company  has completed the acquisition of Time Care AB ("Time Care"), a Swedish-based  provider  of
workforce management software, with a strong focus on the healthcare market, for a Net Consideration of SEK 100
million (approximately £8.7 million)1.

The Company successfully raised approximately £8.3 million (approximately £8.0 million net of expenses) through
a  cash  placing of 15,100,000 new ordinary shares ("New Shares") at 55.0 pence per New Share to help fund  the
Acquisition (the "Placing"), with the balance being satisfied from the Company's existing cash resources.
As  at  Completion, all Vendors had signed the Acquisition Agreement.  Consequently, Allocate has now  acquired
the entire issued and to be issued share capital of Time Care.

The Acquisition is currently expected by the Directors to be significantly earnings enhancing in the first full
financial year of ownership by Allocate.

Terms  defined  in  the  Circular  sent to Shareholders on 27 November 2009 have  the  same  meanings  in  this
announcement.

Enquiries:

Allocate Software plc                                               Tel: +44 (0) 20 7355 5555
Ian Bowles - Chief Executive Officer
Simon Thorne - Chief Financial Officer

Numis Securities Limited                                            
Nominated adviser - Michael Meade / Brent Nabbs                     Tel: +44 (0) 20 7260 1000
Corporate Broking - James Black

Strata Partners (Financial Adviser)                                 Tel: +44 (0) 20 7730 1200
Edward Roskill

Hansard Group                                                       Tel: +44 (0) 20 7245 1100
Justine James                                                       
Kirsty Corcoran


Strata  Partners, which is authorised and regulated in the United Kingdom by the Financial Services  Authority,
is  Allocate's exclusive financial adviser for the Acquisition. Strata Partners is acting exclusively  for  the
Company and will not be responsible to any other person for providing the protections afforded to customers  of
each  of  them  nor for providing advice in relation to the contents of this announcement or any  other  matter
referred to herein.
Numis  Securities  Limited, which is authorised and regulated in the United Kingdom by the  Financial  Services
Authority  and  is a member of the London Stock Exchange, is Allocate's nominated adviser and  broker  for  the
purposes  of  the  AIM Rules. Numis Securities Limited is acting exclusively for the Company and  will  not  be
responsible  to any other person for providing the protections afforded to customers of each of  them  nor  for
providing advice in relation to the contents of this announcement or any other matter referred to herein.
The distribution of this announcement in jurisdictions other than the UK may be restricted by law and therefore
persons  into  whose  possession this document comes should inform themselves about and observe  any  of  those
restrictions.   Any  failure  to  comply with any of those restrictions  may  constitute  a  violation  of  the
securities laws of any such jurisdiction.


_______________________________
1 Exchange rate of £1 = 11.50 SEK as at 26 November 2009, being the last business day prior to the announcement
of the Acquisition

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