29 January 2020 – acquisition

The company has announced that it is to acquire leading legal and managed services business Mindcrest Inc for US$18.5m (£14.2m) in cash and shares, of which US$2.4m (£1.8m) is in cash and US$8.5m (£6.5m) is in shares payable at completion.  Mindcrest is expected to have had sales of US$12.1m (£9.2m) and normalised EBITDA of US$1.2m (£0.9m) in 2019.  The transaction will deliver significant synergies, with a range of new revenue opportunities and recurring cost savings.  Mindcrest will bring approximately 360 new employees, mainly based in Pune, India but there are additional offices in Chicago, New York and London.  The shares remain a BUY.