MXM Maxima Hldgs

RNS Number:2286K
Maxima Holdings PLC
19 December 2007



                                                                19 December 2007
                              Maxima Holdings plc
                          ("Maxima" or the "Company")

             Acquisition of Trade and Assets of Eclectic Group Ltd

Maxima Holdings plc, (AIM: MXM), the integrated IT solutions and managed
services company, is pleased to announce the proposed acquisition of the trade
and assets of Eclectic Group Limited ("Eclectic") a subsidiary of Glen Group
plc. (AIM: GLN)

Acquisition Highlights:

  * Total consideration of up to �3.0m payable in cash, expected to be
    financed from Maxima's operational cash flows and existing facilities with
    Barclays Bank plc.


  * The transaction is subject to approval of shareholders of Glen Group plc
    in a general meeting to be held on 4 January 2008.


  * The acquisition is in line with Maxima's consolidation strategy within
    the fragmented IT services sector.


  * The Board anticipates that it will be earnings enhancing in the
    Company's financial year ending 31 May 2009.

Eclectic supplies software, consultancy, support and training in the areas of
Business Intelligence and Corporate Performance Management (CPM). It has three
practices, operating in partnership with Business Objects (Platinum Partner),
Oracle (Certified Advantage Partner) and Microsoft (Gold Partner). CPM systems
help organisations improve performance through effective information reporting
and analysis. By providing accurate and consistent views of performance relating
to employees, products, services and customers, these systems empower people to
make better and more informed decisions about their business. Eclectic has a
broad client base including, Scottish Power, Costa Coffee, First Milk, Herbert
Smith, National Australia Group, the Foreign & Commonwealth Office and
University College, London.

Eclectic has some 60 staff that will transfer to Maxima with the trade and
assets under TUPE legislation. All the senior management team of Eclectic are
committed to join Maxima. Eclectic is based in Glasgow with a subsidiary office
in Reading; it is proposed that these will be largely consolidated into Maxima's
existing offices.

In the 14 month period ended 30 September 2006, Eclectic generated revenues of
�5.03 million and reported an operating profit adjusted for intra-group charges
of �0.35 million. In August 2007 Eclectic acquired and has subsequently
integrated I G Software Ltd which traded as inGroup; in the 12 month period
ended 31 December 2006 inGroup generated revenues of �1.45 million and made an
operating loss of �0.1 million.

The consideration of up to �3.0 million will be satisfied by a cash payment of
�2.25 million at completion. A second payment of not more than �0.75 million
will be made on 17 March 2008, having made adjustments for deferred income,
pre-payments and costs accrued prior to transfer of the trade and assets.

Commenting on the acquisition, Kelvin Harrison, Chief Executive said:
"I very much look forward to the Eclectic team joining Maxima. Maxima has for
many years had a business intelligence capability. This acquisition will
transform us into leaders in the field of Corporate Performance Management,
greatly increasing the strength of our offering to our enterprise software
clients."

John Nicoll, Managing Director of Eclectic, added:
"There is a strong cultural fit between Eclectic and Maxima. Joining the Maxima
group provides us with greater momentum in targeting larger business
opportunities and the ability to offer our specialist Corporate Performance
Management skills and services to Maxima's substantial client base."

For further information, please contact:

Maxima
Kelvin Harrison, Chief Executive                         01242 211211
Linda Andrews, Group Finance Director                    0141 880 1000
Smithfield
Tania Wild / Reg Hoare                                   020 7360 4900

Notes to editors:

Maxima Holdings plc floated on AIM in November 2004 at an issue price of 110p.
It was established to acquire businesses supplying IT solutions and managed
services, with the objective of building a focused IT services group. On
flotation it immediately acquired Azur Holdings Ltd, bringing together a
management team with the skill, experience and incentive to deliver significant
shareholder value, through a combination of acquisitive and organic growth. The
business implements and supports enterprise and infrastructure software
solutions for mid-sized, UK-based manufacturing, distribution and service
organisations. These solutions are based upon leading software suites as well as
products developed in-house.

It has since made a further nine acquisitions:

   *August 2005 - Ringwood Group plc, a specialist in content and document
    management solutions, based on Microsoft technologies;

   *September 2005 - Hanston Technology Partners Ltd, a fast growing managed
    services business providing applications support and consultancy services to
    Oracle users;

   *January 2006 - The MFG/PRO business of Seabrook Research Ltd, the sole
    Irish distributor of MFG/PRO, a manufacturing package for which Maxima was
    already the sole UK distributor;

   *May 2006 - QED Business Systems Ltd, which provides managed services for
    critical mainframe and mid-range computer systems and applications software;

   *October 2006 - Cognition Solutions Ltd, provider of enterprise software
    solutions to the construction and facilities management sector; and

   *November 2006 - IIL (Intertech Solutions Ireland) Ltd, which provides IT
    infrastructure solutions and managed services based upon Citrix
    technologies; and

   *March 2007 - SevenThree Ltd, supplier of customer relationship management
    software solutions to the construction sector

   *May 2007 - 3net Limited, an IT Services business, providing consultancy,
    solutions delivery and managed services in networking and security
    infrastructure

   *July 2007 - Centric Networks Ltd, which provides managed services for
    infrastructure software to a broad range of clients in the mid-market.

Maxima has grown to become an IT systems integration and managed services
company with a proven track record of delivering innovative and flexible IT
solutions and services. Maxima's in-depth knowledge of industry and business,
coupled with its skills and understanding of leading software suites such as
Oracle, Microsoft and SAP ensures its solutions and services deliver real
business benefits. The group prides itself on the quality of its service, which
leads to strong customer relationships and high retention rates.





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            The company news service from the London Stock Exchange

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