Enterprise Plc Acquired By Essential.Com Plc In Multi-million Pound Transaction
Enterprise Plc, the Isle of Man-based Internet service provider, has been acquired by London-based Application Service Provider ( ASP ) Essential.com Plc. It is one of a number of major acquisitions being made by the new internet entrant which will see significant working capital being placed into Enterprise Plc.
Although details of the transaction have not been publicly disclosed, the consideration was for a combination of cash and Essential.com Plc shares with the shares representing the majority of the offer.
Essential.com Plc, who will have revenues of £7m this year and are aimed at the European business market, are currently scheduled to float on the London Stock Exchange Alternative Investment Market ( AIM ) this coming May.
The offer was approved by the London Stock Exchange on Thursday 23rd March and the sale was completed that same afternoon..
Mr Jon Huxley and Mr Darren Naylor, two of the original founders, will remain on the Board and Mr.Barry Frost will be retained as Commercial Manager.
Enterprise Plc will remain based on the Isle of Man, all existing staff are being retained and efforts are already underway to attract new employees in a variety of technical support, customer care and administrative roles.
Mr. Darren Naylor of Enterprise Plc, commented “this is an exciting development for Enterprise. The ability to take advantage of all the resources and skill set’s available within the Group will allow Enterprise to focus on enhancing and developing new internet services. Also, our services will no longer be restricted to the Isle of Man and UK market as Enterprise will be involved in projects throughout Europe. This is excellent news for the Island as well as our customers. Not only will internet experience remain on the Island but it should be significantly enhanced”.
Mel Wheeler, Chief Executive of Essential.com Plc, commented “that the acquisition of Enterprise is one of the cornerstones to our internet strategy. We currently provide products and services to 37,000 business customers across Europe and with Enterprise we shall be able to offer those customers the ability to one-stop shop, all on one bill”.
Essential.com Plc already has a large number of telecommunications products available in France, Spain, Germany, Belgium and Switzerland.
For further details;
Mr Barry Frost -
Enterprise Plc barry@enterprise.net
Mr Mel Wheeler - Essential.com Plc mwheeler@essential.uk.net
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