MARKHAM, ONTARIO and SANDEFJORD, NORWAY--(Marketwire - Feb. 7, 2013) - Enghouse Systems Limited (TSX:ESL) announced today it has signed a definitive agreement to acquire Locus Holding AS ("Locus") for a purchase price of approximately $14 million, subject to certain price adjustments. Locus's annual revenues for fiscal 2012 were approximately $18 million. Completion of the acquisition is subject to regulatory approval and customary closing conditions and is anticipated to close within fiscal Q2, 2013.
Headquartered in Sandefjord, Norway, Locus is a leading supplier of fleet management solutions for the Public Safety and Transport & Logistics (including Security) sectors in the Scandinavian market. Locus has a dominant position in the Norwegian Public Safety sector. Its products are installed in police cars, ambulances, rescue helicopters and fire brigades. Locus's transportation, logistics and M2M products are also well established in these markets. EOC Partners has acted as financial advisors for Locus.
About Enghouse Systems Limited
Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of vertical markets. Its strategy is to build a large diverse enterprise software company through strategic acquisitions and managed growth. Enghouse shares are listed on the Toronto Stock Exchange (TSX:ESL). Further information about Enghouse may be obtained from its website at www.enghouse.com.
About Locus Holding AS
Established in 1991, Locus is a leading provider of fleet management solutions for the Public Safety and Transportation & Logistics sectors in the Scandinavian market. The company operates out of offices in Norway, Sweden and Denmark. For more information, please visit www.locus.no.