Completion of Acquisition of Cresta Group Limited
Further to the announcement on 10 May 2006, SQS Software Quality Systems AG AIM:SQS.L) the AIM listed supplier of independent software management services, is today pleased to announce the completion of the acquisition of Cresta Group Limited.
July 2006
As outlined in the Acquisition of Cresta announcement, the necessary registrations required in Germany to increase the share capital of SQS have been successfully completed. As such, application for admission to AIM of 1,427,743 New Ordinary Shares (being the number of New Ordinary Shares required to be issued to former Cresta Group shareholders pursuant to the terms of the acquisition) will be made and dealings in the new shares are expected to commence at 8:00am (London time) on 10 July.
SQS's strategic objective is to consolidate its position as the largest independent provider of software testing and quality management services in Europe. The acquisition of Cresta has created new opportunities for SQS in the UK and Ireland, both by increasing its customer base and extending its reach into new vertical markets. Cresta has 30 concurrent customers at any one time, including five of the top ten FTSE 100 companies spread across the banking, telecoms, e-commerce and energy sectors. The UK business, now branded SQS-Cresta, is three times bigger than SQS's former UK operation.
Rudolf van Megen, Chief Executive Officer of SQS, commenting on the acquisition, said:
"I am delighted to confirm the completion of this acquisition as it secures SQS's position as the largest independent software testing and quality management company in the UK, Ireland and continental Europe. We look forward to integrating the two businesses and exploiting the market opportunities that are now available to SQS."