iOra Ltd is acquired by Corpora plc
UK, 5 December 2005 - Corpora Plc, the AIM-listed text analysis software company, announces that it has signed a contract for the acquisition of iOra Limited ("iOra"), the market leaders in off-line networking for distributed organisations. The acquisition is scheduled to complete by 22 December 2005.
The headlines of the transaction are that Corpora will purchase iOra for a total consideration of £3.95m of which £1.42m is payable in cash on completion and £0.85m is payable in cash over a deferred period. Corpora will issue tranches of shares for the non-cash element of the acquisition consideration at 20 pence per share and pay the deferred cash consideration subject to the terms set out below. iOra has net assets at acquisition of £1.49m of which £1.54m is represented by cash and £0.05m is represented by net liabilities. The latest audited accounts show net assets of £1.86m at 31 December 2004. iOra brings to Corpora a range of patented, state-of-the-art data compression and web virtualisation technologies that provide accelerated web access and data synchronisation for remote servers and laptops, while using a fraction of the usual bandwidth.
For example, using the iOra solution, US Navy personnel quickly send and receive up-to-date equipment manuals, safety information, technical support, training instructions and other critical data to and from its Fleet as part of its SharePoint portal, making it easy for personnel to use. This portal is key to helping the US Navy deliver on its mission to continually improve operational efficiency and safety procedures for its Fleet. iOra solutions are used by a large number of commercial and military organisations in Europe and the USA. iOra will expand its offering to these clients to include Corpora's text analysis tools that enable users to rapidly extract and employ knowledge contained within textual information. The acquisition of iOra gives Corpora a significant extension of its US presence and brings to the Company strong relationships with a number of large public and private sector clients, including Booz Allen, PwC, BT, BP, Cable and Wireless, CapGemini and military organisations on both sides of the Atlantic, including, as mentioned above, the US Navy.
Adrian Weekes, iOra CEO said:
"iOra have successfully sold our unique technologies to large organisations across Europe and North America. We are excited that this deal with Corpora gives us the backing of an AIM listed company to help move on to the next phase in our growth and development."
Mark Thompson, Corpora's Chief Executive, said:
"We are delighted to have completed the purchase of iOra after a thorough market and technical due diligence process. The unique technology that this acquisition brings to the Corpora family will be of enormous value to our large and geographically dispersed clients. Equally, Corpora's world leading text search and analysis tools - Find!, Jump! and Summarize! - will offer significant efficiency gains for the knowledge workers throughout iOra's client organisations."