Sagentia Group acquires Oakland Innovation

Sagentia Group plc has acquired Oakland Innovation Limited, an R&D consultancy specialising in technology innovation and market intelligence for the global consumer and healthcare markets.

Founded in 1989 by Managing Director, Michael Zeitlyn, Cambridge-based Oakland employs 47 staff, of which approximately two-thirds are PhD qualified.  Michael Zeitlyn, and Jennifer Brown, Sales Director and shareholder, will remain with the business. Oakland will be integrated into Sagentia’s Technology Advisory Division.

In the year to 31 December 2014, Oakland generated revenue of approximately £3.9 million and profit before tax of approximately £0.7 million.  Net assets at completion were approximately £0.5 million including £0.7 million in cash.  These figures are all unaudited.  The total cash consideration of £5.0 million will be satisfied as to £3.6 million in cash on completion (payable out of Sagentia’s existing cash resources) and as to £1.4 million satisfied by the sale of Sagentia’s treasury shares, equivalent to 1,043,333 Sagentia shares at the average closing mid-market price of 130.7 pence on the five dealing days immediately prior to completion.  The Sagentia shares are subject to lock-in periods of between 18 months and three years.  There is no deferred consideration.

The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 38,379,948.  Sagentia holds 3,682,087 shares in treasury. Following this announcement the directors of Sagentia Group plc have interests in the ordinary shares of the Company as follows:

No of shares owned

% Holding

Martyn Ratcliffe

12,512,906

32.60%

David Courtley

375,000

0.98%

UK, Cambridge